Sunday, August 2, 2015

LME Lead prices may drop to $1,670-1,680 a ton range next week

LME Lead prices may drop to $1,670-1,680 a ton range next week
 LME lead should weaken towards $1,670-1,680 a ton next week, SMM lead group foresees.

Base metals should continue to be depressed by China’s negative indicators and stronger dollar next week, boding ill for lead prices.

Longs for LME lead exit market, driving positions down. Technical indicators also show signs of falling.

SHFE 1510 lead may slip to RMB 12,800 a ton next week with strong resistance forming at RMB 13,000 a ton.

China spot lead is expected to range between RMB 13,100-13,300 a ton next week. Trades should pick up early August. 

More lead smelters will resume operation but operating rate at motive battery makers will also increase due to battery price hikes.

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