SMM Daily Review - 2011/9/15 Lead Market

SHAGNHAI, Sept. 16 (SMM) -- On Thursday, SHFE lead prices opened lower at RMB 16,345/mt, and then dipped to RMB 16,245/mt. Boosted by stock markets, SHFE lead prices rallied to the moving average, but further dropped to RMB 16,300/mt in the afternoon. At the end of trading, SHFE lead prices further fell to close at RMB 16,275/mt, down RMB 75/mt. Total positions decreased by 206 lots to 2,920 lots, and trading volumes decreased by 118 lots to 418 lots.

In domestic spot markets, Well-known brands such as Nanfang and Chihong Zn & Ge were quoted between RMB 16,140-16,160/mt, with discounts of negative RMB 200/mt against SHFE 1110 lead contract prices. The brand of Shuangyan was quoted between RMB 16,160-16,080/mt. Prices of Nanfang and Chihong Zn & Ge were adjusted to RMB 16,130/mt in the afternoon as SHFE lead prices fell, causing downstream buying interest to improve. Traders were aggressively selling off goods due to pessimistic speculations, with transactions improving.