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SMM Daily Review - 2011/9/23 Lead Market
Sep 26,2011 09:17CST
price review forecast
Source:SMM
Last Friday, SHFE 1111 lead contract prices opened lower at RMB 14,810/mt, dragged down by LME lead prices overnight, and then fluctuated around the moving average.

SHAGNHAI, Sept. 26 (SMM) -- Last Friday, SHFE 1111 lead contract prices opened lower at RMB 14,810/mt, dragged down by LME lead prices overnight, and then fluctuated around the moving average. In the afternoon, SHFE lead prices dipped to RMB 14,470/mt and closed at that level, down RMB 775/mt, or down 5%. Trading volumes increased by 444 lots to 2,318 lots, and total positions decreased by 118 lots to 2,658 lots.

In domestic spot markets, well-known brands such as Nanfang and Chihong Zn & Ge were quoted between RMB 14,500-14,600/mt, close to SHFE 1110 lead contract prices, with prices around RMB 14,470/mt in the afternoon. Downstream buyers were cautious as they had built stocks at lower prices, and due to pressure from tight cash flow.
 

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