SHANGHAI, Sep. 30 (SMM) – LME lead is expected to keep rising momentum and range between $ 2040-2100 per tonne in the coming week, supported by upbeat technical indicators and contango structure on LME lead market, SMM reckons.
The SHFE market will be closed for a week due to China’s National Day Holiday from October 1-7. With support from firm spot prices, SHFE lead prices should move at highs in a short period after the holiday.
Spot lead price gains in China may slow after China’s National Day Holiday. Most smelters will maintain operation during the long holiday and downstream demand will fall modestly after holiday. But concentrate supply will likely remain tight and new transportation regulations may negatively affect transport. As such, spot lead is expected to hover above 15,000 yuan per tonne after holiday.
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