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LME Lead to Face Downward Pressure, but to Rally from Lows, SMM Foresees
May 8,2017 16:32CST
smm insight
Source:SMM
LME lead will face downward pressure this week, weighed by the 5 and 20-day moving averages, SMM forecasts.

SHANGHAI, May 8 (SMM) - LME lead will face downward pressure this week, weighed by the 5 and 20-day moving averages, SMM forecasts. But the contract will swing within previous range level and may find support at lows. LME lead will trade at $ 2,150-2,220 per tonne this week.

China Third Round of Environmental Checks Strike Secondary Lead Smelters in Anhui. SMM Reports

SHFE 1706 lead, meeting resistance from the moving averages, will drop slightly this week, but will find support at 16,000 yuan per tonne. Moreover, maintenance and environmental checks will spur lead prices. SHFE 1706 lead is expected to fluctuate between 15,800-16,300 yuan per tonne this week.

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