SHANGHAI, Jul 17 (SMM) – LME lead is expected to fall to $ 1,800 per tonne after touching $ 1,880 per tonne next week, SMM lead group foresees.
Positions of LME lead slip 12,000 this week with shorts closing positions July 13-15 and longs exiting market July 16. Net long positions rise slightly, which may be only a result of LME lead rebounding from nine weeks’ slip and thus will not persist. Technically, $ 1,880 per tonne is a strong resistance for LME lead. Therefore, LME lead may slip to $ 1,800 per tonne after meeting resistance, leaving room open for shorts.
SHFE 1509 lead should drop to test 13,000 yuan per tonne next week.
Spot lead is expected to be in a range of 13,150-13,300 yuan per tonne next week with spot supply generally sufficient in markets.
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