SHFE #1 Lead Price Movement on August 22, 2011

SHANGHAI, Aug. 22 (SMM)--SHFE lead prices opened RMB 100/mt higher today then moved steady, boosting domestic spot prices. Spot discounts against SHFE 1110 lead contract prices were between negative RMB 380-450/mt. Well-known brands such as Chihong Zn & Ge, Chengyuan and Nanfang were quoted around RMB 16,300/mt, but with transactions modest. Other brands such as Hanjiang and Tianma were quoted between RMB 16,180-16,200/mt. The wait-and-see sentiment dominated the market due to weakening stocks and other base metals prices, despite rising lead prices, keeping transactions muted.