SHANGHAI, Sept. 26 (SMM) – Eyes should be on US new home sales in August on Monday, which are expected to be lower than July’s level , giving base metals price support. LME lead should move at USD 1,905-1,925/mt on Monday.
SHFE 1611 lead opened lower last Friday and then stabilized at around RMB 14,435/mt and the contract is predicted to range between RMB 14,350-14,550/mt on Monday.
In China’s domestic market, demand at downstream battery producers may increase with the upcoming China’s National Day Holidayduring October 1-7 while supply of spot lead remains tight, helping lead price up. But with expected declines in SHFE lead, spot lead may drop by RMB 25/mt to RMB 14,400-14,550/mt today.