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SMM Daily Review - 2011/7/27 Lead Market
Jul 28,2011 09:09CST
smm insight
Source:SMM
On Wednesday, SHFE lead prices opened higher at RMB 17,670/mt

SHANGHAI, Jul. 28 (SMM) – On Wednesday, SHFE lead prices opened higher at RMB 17,670/mt, and then fluctuated around daily moving averages. In the afternoon, SHFE lead prices were pushed up to RMB 17,700/mt due to rising LME lead prices, and climbed further to RMB 17,835/mt, a three-month high, as a result of strong buying activities. Finally, SHFE lead prices fell slightly at the end of trading, closing at RMB 17,770/mt, up RMB 135/mt. Trading volumes were 2,620 lots, up 798 lots; positions were 7,196 lots, down 764 lots. SHFE announced margins for lead futures trading to be 8% in the future, in order to encourage transactions.

In China’s domestic lead spot markets, offers for well-known branded lead were RMB 17,200-17,250/mt, with spot discounts at RMB 450-500/mt, while other brands such as Baiyin and Jinguan etc. were quoted at RMB 17,100-17,120/mt. Transactions were limited due to the high prices, so traders cut offers to RMB 17,150-17,180/mt for well-known brands and RMB 17,050-17,070/mt for unknown brands, but failed to stimulate transactions. In the afternoon, spot prices moved higher along with rising SHFE lead prices, with some traders quoting at RMB 17,300/mt, but high-priced transactions remained low. Later, well-known branded lead prices were RMB 17,220-17,250/mt, and unknown brands prices were up to above RMB 17,100/mt, causing stronger wait-and-see sentiment in the market, and transactions remained quiet.


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