SMM Daily Review - 2011/9/8 Lead Market

SHAGNHAI, Sept. 9 (SMM) -- On Thursday, SHFE lead prices opened slightly higher at RMB 16,685/mt, tracking LME lead prices overnight, and surged to RMB 16,705/mt but met resistance at the RMB 16,700/mt level, fluctuating between RMB 16,600-16,650/mt. Finally, SHFE lead prices closed at RMB 16,610/mt, down RMB 50/mt. Trading volumes decreased by 112 lots to 388 lots, and total positions decreased by 58 lots to 3,652 lots.

In domestic spot markets, spot discounts of well-known brands such as Nanfang and Chihong Zn & Ge were around negative RMB 300/mt against SHFE 1110 lead contract prices, with traded prices around RMB 16,300/mt, and other bands such as Hanjiang were quoted around RMB 16,240/mt. Spot prices were steady in the afternoon, and the market mainly adopted a wait-and-see attitude ahead of the Mid Autumn Day Festival, with downstream buyers only purchasing on an as-needed basis.