SHANGHAI, Jul. 17 (SMM) - LME lead, facing strong downward pressure, will keep falling to $2,250-2,310 per tonne this week, SMM expects.
SHFE 1708 lead will also drop slightly to 17,450-17,850 yuan per tonne.
Primary lead smelters supply goods mainly for term-contracts, leading to tight supply for spot transaction. As secondary refined lead output is restricted by high temperature, secondary lead smelters sell goods at high prices. Traders sell goods based on market condition, and downstream distributors may replenish stocks in the coming week, improving demand.
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