SHANGHAI, Aug. 19 (SMM) – LME lead is expected to challenge the year’s best level of $ 1,916 per tonne in the coming week with positive technical indicators, soft dollar and strong crude oil.
Supply will grow in China’s domestic market in the coming week due to operation restart at smelters and this will post pressure on lead prices. SHFE 1610 lead may fall from 14,000 yuan per tonne.
Spot lead in China will trade at 13,800-14,000 yuan per tonne in the coming week. Smelters resume operation progressively with easing of environmental protection inspections. This will marginally increase spot supply. Downstream demand will remain stable in the high-demand period. As such, spot premiums trend to narrow due to growing supply.
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