SHANGHAI, Dec. 18 (SMM) – LME lead enters downside track with exit of longs and will put support at $ 1,600 per tonne in check next week, SMM predicts.
See SMM Survey, Please Click:Most China Lead Smelters Expect Lead Prices to Stabilize This Week, SMM Survey
SHFE 1602 lead will outperform LME lead next week and should test support from 12,700 yuan per tonne with resistance at the 5 and 10-day moving averages.
Spot lead should trace SHFE lead down slightly to 12,950-13,150 yuan per tonne next week. Supply tightness will not be fully eased next week. Downstream lead-acid battery makers will likely cut purchase late December due to cash shortage and falling production, reducing demand.
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