SHANGHAI, Apr. 7 (SMM) – LME lead will move between USD 1,705-1,725/mt during Asian trading hours Thursday with resistance at the 5-day moving average.

US last week’s initial jobless claims should be downbeat. This coupled with dovish statement of US Fed officials, will weigh on US dollar.

SHFE 1605 lead should range RMB 13,120-13,270/mt on Apr. 7. Some smelters rush to sell for cash in China’s spot market while poor downstream demand will not support lead prices. Spot lead will thus quote at RMB 13,300-13,450/mt today. 

Key Macroeconomic Indicators for Base Metal Prices (2016-4-7)