SHANGHAI, Dec. 18 (SMM) – SHFE 1602 lead will move at lows of RMB 12,600-12,800/mt on Dec. 18 given poor technical indicators. And the contract posted a fall following LME lead.
See forecast for other base metals, please click: Base Metal Prices to Weaken, with Eyes on China, SMM Says
As widely expected, US Fed raised its interest rate, adding attractiveness to dollar. In turn, firmer dollar weighed on base metals prices. Eyes should be on Markit US December’s manufacturing PMI.
Lead prices stay weak and LME lead should move between USD 1,600-1,630/mt during Asian trading hours Friday. In China’s spot market, tightness in supply will not be eased in a short time and downstream demand weakens. Thus, spot lead will fall to RMB 12,950-13,100/mt.