SHANGHAI, Mar. 18 (SMM) – LME lead should struggle around $ 1,800 per tonne this week with support at the 20-day moving average and resistance at the 5 and 10-day moving averages.
SHFE 1605 lead is expected to test support at 13,600 yuan per tonne. SHFE lead trends to stabilize and the contract bounced back rapidly after falling below the 20-day moving average. Given tepid trading in China’s spot market, longs will be not eager to enter SHFE lead market, containing the contract’s rising momentum.
Spot lead in China will trace SHFE lead to trade at 13,500-13,700 yuan per tonne with sluggish trading.
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