SHANGHAI, May 13 (SMM) – LME lead will stay weak and may test support at $ 1,680 per tonne next week, SMM lead analysts reckon.
SHFE 1607 lead should fluctuate around 12,900 yuan per tonne. Technical indicators are negative while SHFE lead seek support from position closing by shorts.
Spot lead in China is expected to trade at 12,750-13,000 yuan per tonne. Transactions will remain sluggish. Producers will rush to sell with sufficient inventories while many downstream battery makers cut production, hurt by limited orders in off-season. Weak fundamentals will still pose pressure to lead prices.
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