SHANGHAI, Mar. 11 (SMM) – LME lead is predicted to challenge $ 1,830 per tonne next week with support at the 10-day moving average while negative technical indicators on SHFE market will weigh on May-delivery lead price, SMM reckons.
SHFE 1605 lead will likely test support at 13,500 yuan per tonne, given steady movements on the SHFE lead for nearly one month.
This week, spot lead in China will fall slightly to 13,500-13,700 yuan per tonne due to poor trading. Downstream battery makers show higher buying interest in cheaper secondary refined lead, and shortage of orders at some battery makers will also not improve quickly, depressing demand for lead. Overall supply will be ample. Lead smelters in Henan and Hunan keep selling at large discounts, which however, still fails to attract buyers.
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