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SHFE Lead Sets for Losses (2016-10-12)
Oct 12, 2016 09:54Source:SMM
LME lead is predicted to move at USD 2,040-2,060/mt on Wednesday and SHFE 1611 lead should drop technically in a short term and will range at RMB 15,500-15,700/mt.
SHANGHAI, Oct. (SMM) – Attention should be on OPEC crude oil monthly market report on Wednesday. LME lead is predicted to move at USD 2,040-2,060/mt on Wednesday. SHFE 1611 lead soared and then dropped with weakening rising momentum but still at highs on Tuesday. The contract should drop technically in a short term and will range at RMB 15,500-15,700/mt on Wednesday.
In China’s domestic market, suppliers hold back sales for higher prices and downstream battery producers stand on the sidelines with firm SHFE 1611 lead and purchase based on orders. Spot lead should decline by RMB 25/mt to RMB 15,550-15,650/mt on Wednesday.
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