SHANGHAI, Dec. 24 (SMM) – LME lead will move at highs of USD 1,710-1,740/mt during Asian trading hours Thursday.
Markets expect US last week’s initial and continuing jobless claims to be disappointing and lots of financial markets are closed for Christmas Holiday. Cautious sentiment looms market.
See forecast for other base metals, please click: Base Metal Prices to Rise in Asian Trading Hours as LME closed, SMM Says
SHFE 1602 lead is expected to range RMB 13,020-13,200/mt on Dec. 24 with upbeat technical indicators. The contract now stays all moving averages.
Downstream purchase slows down in China and supply tightness of primary lead and secondary lead support lead prices. Thus, spot lead will grow RMB 50/mt to RMB 13,100-13,250/mt.