SHANGHAI, May 18 (SMM) – Rising oil prices will slow declines in LME lead and LME lead will narrowly range USD 1,710-1,730/mt during Asian trading hours Wednesday.
Reduction in US EIA crude oil inventories may improve the prior week’s level in the week ending May 15. This should push up oil prices challenge USD 50/bbl.
SHFE 1607 lead will drop to RMB 12,850-13,000/mt on May 18. In China’s spot market, downstream demand stays weak and smelters are active in selling, leaving supply ample. Spot lead should trade at RMB 12,800-12,950/mt today.