SHANGHAI, Nov. (SMM) – Eyes should be on China’s Caixin manufacturing PMI on Tuesday and US’s ISM manufacturing index, both in October. LME lead will range at USD 2,055-2,075/mt on Tuesday. SHFE 1612 lead dropped from highs on Monday and is expected to advance to RMB 16,500-16,700/mt on Tuesday.
In China’s domestic market, trading is sluggish because of volatile SHFE 1612 lead. Downstream battery producers, who expect prices to fall, will reduce purchase, resulting in decreasing spot transactions. Spot lead should rose RMB 150/mt to RMB 16,300-16,450/mt on Tuesday.