SHANGHAI, Feb. 26 (SMM) – LME lead will likely struggle around $ 1,700 per tonne next week, SMM predicts.
Technical indicators show signs of downturn while LME lead finds support at the 20-day moving average at present.
SHFE 1604 lead should range between 13,350-13,650 yuan per tonne. The contract will be supported by low inventories in warehouses of SHFE but rising strength will be lacked due to resistance at the 5 and 10-day moving averages.
Spot lead in China will trade at 13,600-13,750 yuan per tonne with marginal rise in downstream purchase. Operating rates in downstream battery makers will improve with return of workers and inventories at some of them have been digested before 2016 Chinese New Year holiday, growing demand for lead.
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