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SMM Daily Review - 2011/6/30 Lead Market
Jul 1,2011 09:01CST
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SHANGHAI, Jul. 1 (SMM) – On Thursday, SHFE lead prices stabilized at RMB 17,000/mt after opening higher at RMB 17,100/mt, and rose to RMB 17,100/mt again after 11:00 boosted by rising equity prices. In the afternoon, SHFE lead prices continued to drifte higher and climbed to RMB 17,210/mt, finally closing at RMB 17,200/mt, up RMB 260/mt, or a gain of 1.33%. Trading volumes were 2,850 lots, up 810 lots; positions were 8,920 lots, up 492 lots.

In China's domestic lead spot markets, prices rose by near RMB 150/mt boosted by rising SHFE lead prices. Offers for well-known branded lead were RMB 16,350-16,400/mt, while offers for lead from Gejiu, Yunnan province were RMB 16,200-16,250/mt, with spot discounts between negative RMB 850-900/mt. In the afternoon, domestic lead spot prices were little changed due to stable SHFE lead prices, and traders with bullish sentiment restricted sales, keeping transactions weak.

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