SHFE Lead to Remain on the Upward Track (2016-9-2)

SHANGHAI, Sept. 2 (SMM) – Eyes should be on US nonfarm payroll report today. US ISM manufacturing index for August released on Thursday dropped unexpectedly, which raised market’s speculation on US economy and interest rate hike in the year.

LME lead is predicted to range between USD 1,930-1,950/mt on Friday. SHFE 1610 lead soared and hit a year-high on Thursday. And the contract is expected to move at RMB 14,400-14,600/mt on Friday.

Traders rush to sell while downstream buyers show low interest. Market quotations are limited following a rise in SHFE lead. Market players will take a wait-and-see stance, and goods should be traded at RMB 14,100-14,200/mt on Friday in China’s market in a small amount, up RMB 200/mt from Thursday.