SHANGHAI, Dec. 4 (SMM) – LME lead should move between USD 1,635-1,665/mt during Asian trading hours Friday.
The Europe Central Bank cut deposit interest rate by 10 basis points and will extend QE at least to March 2017. Meanwhile, the central bank will expand its asset purchase. US dollar thus went down. Markets will focus on US non-farm payrolls due out tonight.
See forecast for other base metals, please click: Markets Stay Cautious ahead of US Non-farm Data after Drama Night, SMM Says
SHFE 1602 lead find support at the 5-day moving average and will range between RMB 12,550-12,720/mt on Dec. 4. In China’s spot market, falling supply lends support to lead prices and downstream consumption stays weak. Hence, spot lead will be offered at RMB 12,900-13,050/mt.
Key Macroeconomic Indicators for Base Metal Prices (2015-12-4)