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Home / Metal News / LME lead to Test Support at $1,715 This Coming Week, SMM Predicts

LME lead to Test Support at $1,715 This Coming Week, SMM Predicts

Apr 15, 2016 18:33

Source:SMM

Last week, LME lead rallied from $ 1,680 per tonne after a 5-week losing streak thanks to rising oil price, and finally closed the week up 0.97% as of 13:57 Friday.

SHANGHAI, Apr. 15 (SMM) – Last week, LME lead rallied from $ 1,680 per tonne after a 5-week losing streak thanks to rising oil price, and finally closed the week up 0.97% as of 13:57 Friday.

“Market focus this coming week will shift to European Central Bank’s interest rate meeting and Doha’s oil meeting, and LME lead is expected to look for support at $1,715 per tonne,” SMM lead analyst foresees.

Demand in China’s domestic spot market is not strong, and on the other hand, supply is expected to grow further, with spot prices expected at 13,200-13,400 yuan per tonne, SMM foresees.

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