Home / Metal News / Copper / SMM Daily Review - 2011/8/31 Lead Market
SMM Daily Review - 2011/8/31 Lead Market
Sep 1,2011 09:07CST
price review forecast
Source:SMM
On Wednesday, SHFE lead prices opened higher at RMB 16,940/mt, boosted by LME lead prices overnight, once touching RMB 16,985/mt, but met resistance at RMB 17,000/mt level.

SHAGNHAI, Sept. 1 (SMM) -- On Wednesday, SHFE lead prices opened higher at RMB 16,940/mt, boosted by LME lead prices overnight, once touching RMB 16,985/mt, but met resistance at RMB 17,000/mt level, finding support at the 5-day moving average. In the afternoon, SHFE lead prices rallied due to rising stock markets, with prices finally closing at RMB 16,955/mt, up RMB 35/mt. Trading volumes increased by 178 lots to 1,166 lots, while total positions decreased by 58 lots to 4,134 lots.

In domestic spot markets, discounts of well-know brands remained around negative RMB 450/mt against SHFE 1110 lead contract prices, with brands such as Nanfang and Chihong Zn & Ge quoted at RMB 16,500/mt. In the afternoon, prices for Chihong Zn & Ge and Nanfang rose to RMB 16,500/mt, pushed up by SHFE lead prices, but with prices for other brands remaining relatively unchanged. Transactions were quiet due to cash flow problems at the end of the month.
 

lead prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news