LME Lead to See Range-Bound Trading (2017-4-7)

SHANGHAI, Apr. 7 (SMM) – Attention should be on US’s March nonfarm payrolls on Friday, which is expected to drop, weighing down US dollar index. US’s economy recovers stably. LME lead will be weighed by the 20-day moving average and move at USD 2,260-2,310/mt on Friday and SHFE 1705 lead will fluctuate between RMB 17,200-17,600/mt.

In China’s domestic market, lead smelters sell goods with market changing while downstream battery producers purchase small amounts of goods at low prices. Spot lead should drop RMB 75/mt and trade at RMB 17,300-17,400/mt on Friday.