Divergent Fundamentals in and outside China, Lead Prices Expected to Lack Upward Momentum [SMM Lead Morning Meeting Minutes]
[SMM Lead Morning Meeting Minutes: Divergent Fundamentals in and outside China, Lead Prices Expected to Lack Upward Momentum] Over the weekend, U.S.-Iran negotiations took another turn, with foreign media reporting that Trump significantly revised the memorandum of understanding, proposing tougher terms in an attempt to pressure Iran into accelerating negotiations. The macro landscape remains complex and volatile, while lead fundamentals diverge. In markets outside China, LME lead had previously been in a backwardation structure...