SHANGHAI, Jun. 21 (SMM) – SHFE 1608 lead will inch higher to RMB 12,780-12,920/mt on Jun. 21.
Market will still focus on the Brexit referendum and base metals prices may fall back. LME lead will fluctuate between USD 1,700-1,720/mt during Asian trading hours Tuesday.
In China’s spot market, demand is still weak and stocks at smelters pile up. This makes smelters move goods out at discounts. Spot lead should trace SHFE lead up to RMB 12,700-12,800/mt today.