SMM Daily Review - 2011/9/30 Lead Market

SHAGNHAI, Oct. 8 (SMM) -- Last Friday, SHFE 1111 lead contract prices opened slightly higher at RMB 14,315/mt, fluctuating around RMB 14,450/mt. In the afternoon, SHFE lead prices moved around RMB 14,750/mt but met resistance at the 10-day moving average, with prices closing at RMB 14,880/mt, up RMB 520/mt, or up 3.62%. Trading volumes decreased by 884 lots to 878 lots, and total positions decreased by 102 lots to 2,484 lots.

In domestic spot markets, well-known brands such as Nanfang and Chihong Zn & Ge were quoted between RMB 14,480-14,520/mt, with premiums of RMB 100/mt against SHFE 1111 lead contract prices. In the afternoon, there were few quotations reported, with some traders quoting around RMB 14,800/mt. Traders were prudent due to optimism, leaving transactions quiet.