SHANGHAI, May 24 (SMM) – LME lead will narrowly range USD 1,640-1,660/mt during Asian trading hours Tuesday.
US April home sales data should improve over March. This, coupled with hawkish statements of US Fed officials, will push up dollar, which will depress base metals prices.
SHFE 1607 lead will move between RMB 12,600-12,750/mt on May 24 in response to LME lead and ferrous metal prices. In China’s spot market, traders rush to give offers and some smelters hold back sales. Downstream demand is weak. Spot lead should trade at RMB 12,650-12,800/mt today.