SHANGHAI, Feb. 27 (SMM) – Eyes should be on US’s monthly January existing home sales on Monday. LME lead will trade at USD 2,230-2,265/mt on Monday and SHFE 1704 lead will meet resistance and will move between RMB 18,000-19,000/mt.
In China’s domestic market, with rallying SHFE 1704 lead, spot lead rebounds slightly but demand at end-user market is still poor. Operating rates at battery producers will remain low in a short term and spot transaction will be quiet. Spot lead should rise RMB 100/mt and trade at RMB 18,800-18,900/mt on Monday.