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SMM Daily Review - 2011/7/29 Lead Market
Aug 1,2011 09:17CST
smm insight
Source:SMM
Last Friday, SHFE lead prices surged along with SHFE copper prices in the morning session, then plummeted by RMB 350/mt within a quarter, to RMB 17,430/mt.

SHAGNHAI, Aug. 1 (SMM) -- Last Friday, SHFE lead prices surged along with SHFE copper prices in the morning session, then plummeted by RMB 350/mt within a quarter, to RMB 17,430/mt. SHFE lead prices rallied to fluctuate between RMB 17,600-17,660/mt at noon, but lost previous gains to close at RMB 17,540/mt, down RMB 160/mt. Trading volumes increased by 320 lots to 2,356 lots, and total positions decreased by 394 lots to 6,372 lots.

SHFE lead prices opened higher and then fluctuated, with prices plummeting as of 10:30 am, dragging down domestic spot lead prices. Well-known brands such as Chihong Zn & Ge were quoted at RMB 17,170/mt, with discounts against SHFE 1109 lead contract prices between negative RMB 500-550/mt, and with offers falling to RMB 17120. Offers of other brands such as Chengyuan, Shuikoushan and Shuangyan were firm between RMB 17,100-17,150/mt. In the afternoon, downstream buying interest was low due to unfavorable offers and tight cash flow, keeping transactions muted.

 

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