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SHFE Lead to Continue Outperforming LME Lead Next Week, SMM Expects
Aug 5, 2016 16:51Source:SMM
LME lead will be weaker than SHFE lead next week. LME lead will likely seek support from sister metal zinc and should struggle around $ 1,800 per tonne.
SHANGHAI, Aug. 5 (SMM) – LME lead will be weaker than SHFE lead next week. LME lead will likely seek support from sister metal zinc and should struggle around $ 1,800 per tonne.
On SHFE market, the September-delivery lead may challenge 14,000 yuan per tonne with support from supply tightness and firm spot prices.
Spot lead in China is expected to trade at 13,800-14,000 yuan per tonne next week. Spot supply will continue tightening due to environmental factor and tight concentrate supply. On the demand side, battery makers lift operating rates and some of them start stock-building ahead of schedule for the upcoming G20 Summit to be held in Hangzhou. This, coupled with peak season, will allow battery makers to keep high operating rates this week.
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