Little Downside Room in Sight for LME Lead Next Week, SMM expects

SHANGHAI, Apr. 1 (SMM) – LME lead is forecast to test support from $ 1,680 per tonne next week, SMM lead analysts predict.

Declines recently posted by LME lead are largely due to exit of longs and LME lead may continue falling this week but little with downside room is in sight.

SHFE 1605 lead should struggle around 13,300 yuan per tonne next week.

Spot lead may quote at 13,250-13,500 yuan per tonne in China this week. Some downstream producers will restart purchase at the beginning of April but limited positive impact is expected for overall demand. Motive and ignition battery producers report limited orders in slack season and they anticipate that orders will fall further in April. Lead producers will maintain normal sales to term buyers. Secondary refined lead still enjoys popularity among buyers, dampening demand for refined lead. 

#1 Lead Ingot(Pb99.994) 6 Month Chart

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