SHANGHAI, Dec. 22 (SMM) – LME lead will trade higher at USD 1,690-1,725/mt during Asian trading hours Tuesday owing to position opening by longs.
Markets expect the final reading of US Q3’s year-on-year growth to be 1.9%. As such, US dollar index will likely go down.
See forecast for other base metals, please click:Shanghai Base Metal Price to Rise, with Stronger Tin, SMM Says
SHFE 1602 lead moves above all the moving averages and should range RMB 13,000-13,200/mt on Dec. 22. News of price hikes by leading motive batteries is gradually digested by China’s market and distributors almost complete production ramp-up for year’s target. But supply tightness will support lead prices. Spot lead will trace SHFE lead up to RMB 13,100-13,250/mt.