SHANGHAI, Apr. 18 (SMM) – Last week, LME lead ended its 5-week losing streak and rallied from $1,680 per tonne. What’s the outlook for lead price this week? SMM surveys 30 market players, and finds the following insights.
According to SMM survey, a large proportion of participants (53%) take a pessimistic outlook, due to growing supply, poor demand and tumbling oil prices. Those pessimists expect LME lead to look for support $1,680 per tonne, while SHFE 1606 lead will fall back to 13,000 yuan per tonne.
Only 3% of market players in the survey are optimistic, expecting LME lead to challenge $1,740 per tonne. “Positive signs of China’s economy after the release of major data last week improved market sentiment, and rising zinc prices will also give some support to lead market,” they said in SMM’s interview.
The rest 44% are neutralists, expecting LME lead to struggle at $1,710 per tonne, and 13,250-13,400 yuan per tonne for China’s spot lead prices.
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