SMM Daily Review - 2011/8/3 Lead Market

SHAGNHAI, Aug. 4 (SMM) -- On Wednesday, SHFE lead prices opened slightly lower at RMB 17,085/mt, fluctuating around the moving average, and surged to RMB 17,280/mt at around 11:00 am, boosted by rising LME lead prices and stocks. In the afternoon, SHFE lead prices continued fluctuating between RMB 17,220-17,280/mt, but lost previous gains to close at RMB 17,090/mt at the end of trading, down RMB 100/mt. Trading volumes decreased by 606 lots to 1,042 lots, and total positions decreased by 352 lots to 5,450 lots.

SHFE lead prices opened lower and rose. In domestic spot markets, well-known brands such as Nanfang and Tongguan were at first quoted at RMB 16,770/mt, with discounts of negative RMB 350-370/mt against SHFE 1109 lead contract prices. At around 11:00 am, prices of well-known brands rose to RMB 16,800-16,830/mt along with SHFE lead prices, with discounts unchanged. Other brands such as Shuangyan and Baiyin were quoted between RMB 16,700-16,730/mt. Yuguang brand of lead was available in the market, with offers at RMB 16,850/mt. Some traders were actively purchasing at higher prices. As SHFE lead prices fell in the afternoon, offers of well-known brands were dropped to RMB 16,750/mt, and other brands were quoted around RMB 16,700/mt. The market was cautious as SHFE lead prices fell, leaving transactions muted.

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