SHANGHAI, Jul. 10 (SMM) â LME lead prices are expected to rise to $ 1,850-1,880 per tonne next week, Shanghai Metals Market foresees.
Technically, LME lead rebounds from a 9-week fall and indicators still point upside. Besides, LME cash-to-three month contango keeps narrowing and net longs stop falling. Those factors should lend support to LME lead prices.
SHFE 1509 lead may test 13,000-13,150 yuan per tonne next week. Though technical data remain upbeat, strong resistance at 13,000-13,150 yuan per tonne emerges. SMM/LME lead price ratio falls to 6.9-7.
Chinese spot lead should follow futures prices to 13,250-13,350 yuan per tonne next week. Downstream buyers will be still unwilling to purchase with declining operating rate and large stocks of finished product. Smelters will have to move goods out gradually due to tight liquidity. Thus, light oversupply in spot lead will appear next week, limiting the growth in spot prices.
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