SHANGHAI, Sept. 11(SMM) – LME lead is predicted to move in $ 1,710-1,760 per tonne next week on the back of softer dollar, upside technical indicators and decreasing inventories, SMM lead group foresees.
Markets generally expect US Fed interest rate hike to be delayed, giving no support to dollar. LME lead inventories have dropped totaling 50,000 tonnes since August.
SHFE 1511 lead should range between 13,300-13,500 yuan per tonne next week. Expectation for further declines in yuan is killed by the People’s Bank of China’s move to stabilize exchange rate. Technically, SHFE lead will face great sell-off pressure at 13,400 yuan per tonne. Moreover, with a growth in spot supply, traders will sell lead futures to buy spot lead as they are bearish towards SHFE lead prices.
In China’s spot market, lead prices will be mainly at 13,350-13,550 yuan per tonne next week with trading activity picking up. A 300 yuan-per-tonne price gap between SMM #1 and secondary refined lead will shift more buyers to the latter, curtaining a rise in primary lead prices.
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