SHANGHAI, Apr. 22 (SMM) – Last week, LME lead lurchered higher steadily after sliding to $1,694 per tonne, and gained 3.59% as of 13:44 on Friday. How much upward room there for lead price?
“LME lead will continue rising this week, as market sentiment remains positive, and markets expect no rate changes by US Federal Reserve,” says SMM lead analyst, expecting LME lead to test $1,800 per tonne.
On the SHFE market, price gains, however, will be small, SMM estimates.
“Low production at battery producers is one big issue, despite of surging prices in neighboring markets,” SMM adds.
SHFE 1606 lead is estimated to find support at the 40-day moving averages of 13,430 yuan per tonne.
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