SMM Daily Review - 2011/8/9 Lead Market

SHAGNHAI, Aug. 10 (SMM) -- On Tuesday, SHFE 1110 lead contract prices opened lower at RMB 15,495/mt then fell to RMB 15,200/mt, but rallied to fluctuate at RMB 15,580/mt later the day. Boosted by stock markets and LME lead prices, SHFE lead prices stood at RMB 15,600/mt as of 10:00 am, with prices finally closing at RMB 16,025/mt in the afternoon, down RMB 225/mt. Trading volumes increased by 1,724 lots to 4,860 lots, and total positions increased by 288 lots to 4,458 lots, with transactions brisk.

As SHFE lead prices fell then rallied in the morning session, domestic well-known brands such as Nanfang and Chihong Zn & Ge were quoted between RMB 15,350-15,600/mt, with discounts of negative RMB 260-300/mt against SHFE 1110 lead contract prices. Other brands such as Baiyin and Hanjiang were quoted around RMB 15,330/mt. SHFE lead prices rose further in the afternoon, pushing up lead prices to RMB 15,550-15,650/mt. Both traders and downstream buyers increased purchases at lower prices, keeping transactions brisk.

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