SMM Daily Review - 2011/7/1 Lead Market

SHANGHAI, Jul. 4 (SMM) – Last Friday, SHFE lead prices opened higher at RMB 17,140/mt, and then moved around RMB 17,150/mt due to inadequate upward momentum. In the afternoon, SHFE lead prices climbed to RMB 17,235/mt boosted by rising LME lead prices, but dropped slightly at end of trading, with prices finally closing at RMB 17,160/mt, down RMB 40/mt. Trading volumes were 2,112 lots, down 738 lots; positions were 9,364 lots, up 444 lots.

In China’s domestic lead spot markets, traded prices for well-known branded lead such as Nanfang and Chengyuan etc. were RMB 16,400-16,430/mt, with spot discounts between negative RMB 750-800/mt. Silver-contained lead was quoted between RMB 16,250-16,300/mt. In the afternoon, traded prices for well-known branded lead in Shanghai rose to RMB 16,450/mt due to rising SHFE lead prices, with transactions at Jiyuan Jinli Smelters Company and Jiyuan Wanyang Smeltery Group made at around RMB 16,250/mt. Downstream producers were still in the process of production suspension, with inquiries limited. Traders remained cautious, keeping transactions muted.

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