[Pb Price]SHFE Lead Grows despite of Stronger Dollar (Jul. 30, 2015)

Published: Jul 30, 2015 17:35

Save

SHFE 1510 lead outperformed LME lead, which allowed SMM/LME lead price ratio to grow to 7.56.

SHANGHAI, Jul. 30 (SMM) – SHFE 1510 lead outperformed LME lead, which allowed SMM/LME lead price ratio to grow to 7.56. SHFE lead dipped to RMB 12,975/mt after opening Wednesday evening session at RMB 13,050/mt, to close at RMB 13,010/mt, up by RMB 55/mt.

On Thursday, stronger dollar depressed base metal prices. But SHFE lead held firm between RMB 13,000-13,050/mt and later soared to RMB 13,170/mt due to short covering, to end at RMB 13,100/mt, up by RMB 145/mt.

Current positions of SHFE 1508 lead require a total of 9,975 mt to be delivered, but stocks in SHFE warehouses are only 8,788 mt. Meanwhile, high spot premiums will lure smelters to sell in spot market instead of delivering. The lack of deliverable goods may force shorts to close positions, which may explain today’s price hike.

SHFE lead prices Pb Price

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Rio Tinto Rallies on AI-Driven Copper Demand Optimism

Rio Tinto shares jumped as investors bet on rising copper demand from AI infrastructure and electrification. The company is also advancing the Resolution Copper project with BHP , strengthening its long-term copper strategy.

1 hour ago

[SMM Copper Flash] Some Enterprises in DRC Produce Sulfuric Acid from Sulfur with Supporting Steam Power Generation

Some enterprises in DRC produce sulfuric acid from sulfur with supporting steam power generation. A SX-EW copper smelter stated that acid plants with capacity above 100,000 mt can achieve steam power generation that covers acid production costs.

1 hour ago

[SMM Copper Flash] High Diesel Power Generation Costs in DRC Put SX-EW Copper Smelters Under Pressure

According to SMM's on-site survey, diesel prices in the DRC have reached above $3.2/liter. Based on the conversion rate of 1 liter of diesel generating 3 kWh of electricity, diesel power generation costs in the DRC are around $1/kWh. Combined with the sharp rise in sulphuric acid prices, this has brought enormous cost pressure to SX-EW copper smelters that need to purchase ore externally, with some smelters reporting they are operating at a loss.

1 hour ago