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Home / Metal News / LME Lead to Look for Price Floor Next Week, SMM Predicts

LME Lead to Look for Price Floor Next Week, SMM Predicts

Mar 25, 2016 16:50

Source:SMM

LME lead should test support at $ 1,730 per tonne next week with support at the 60-day moving average.

SHANGHAI, Mar. 25 (SMM) – LME lead should test support at $ 1,730 per tonne next week with support at the 60-day moving average.

On the SHFE market, lead price will likely see weak trading and range 13,350-13,600 yuan per tonne. SHFE lead meets resistance at three moving averages and trading activities in China’s spot market are poor.

Spot lead in China will underperform SHFE lead this week and is predicted to trade at 13,400-13,600 yuan per tonne. Downstream battery producers show little buying interest with large inventories on hand and lead demand should shrink further this week. Lead smelters rush to increase production. Weaker demand and ample supply will restrain lead prices.

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