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LME Lead to Keep Firm, with Eyes on SHFE Lead Positions, SMM Says
Feb 5, 2016 15:27Source:SMM
Chinese market will be closed during this coming week for the 2016 Chinese New Year holiday, but LME lead prices are expected to remain firm, SMM foresees.
SHANGHAI, Feb. 5 (SMM) – Chinese market will be closed during this coming week for the 2016 Chinese New Year holiday, but LME lead prices are expected to remain firm, SMM foresees.
“Despite of absence of Chinese investors, LME lead will stay firm during the Chinese week-long holiday as falling dollar will help support base metal prices,” SMM says.
LME lead is estimated to hover at $1,800 per tonne in this coming week.
After Chinese holiday, positions of SHFE 1603 lead should be closely watched. The contract will become the current-month contract on the second day after Chinese holiday. The contract now has around 20,000 lots of positions, with less than 3,000 tonne of deliverable goods.
During the first trading week after Chinese holiday, domestic trading is also expected to be light, but China’s spot lead prices will get support from futures market, SMM observes.
For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.
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