SHANGHAI, Jul. 8 (SMM) – Lead prices may post continued plunge amid the swoon in China’s stock market and lingering Greek debt crisis, SMM research team predicts.
SHFE 1508 lead has fallen by 4.5% following a four-day losing streak. SMM #1 lead prices also lost 300 yuan per tonne.
“In fact, lead market fundamentals are not that bad,” SMM analyst noted, “primary lead smelter utilization rate hold low and tight raw material supply is still curbing secondary lead production.”
The culprit behind this round of slump should be growing market risk triggered by crashing Chinese stocks and the Greek debt issue.
China has restricted short-selling of stock-index futures, and responding to this move, shorts turned their eyes to commodities. Iron ore, rebar and nickel posted sharp falls. Lead market, which is less volatile than other metals, experienced smaller declines. However, more losses are expected in lead prices with market risk on the rise.
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