SMM Daily Review - 2011/10/12 Lead Market

SHAGNHAI, Oct. 13 (SMM) -- On Wednesday, SHFE lead prices opened at RMB 14,730/mt and then dipped to RMB 14,600/mt, finding support at the 10-day moving average. Finally, SHFE lead prices closed at RMB 14,900/mt, up RMB 55/mt. Trading volumes decreased by 70 lots to 536 lots, and total positions decreased by 92 lots to 2,324 lots.

In domestic spot markets, spot prices were close to SHFE 1111 lead contract prices, with quotations for well-known brands such as Yuguang and Chihong Zn & Ge around RMB 14,600/mt, and rising to RMB 14,900/mt as of 11:00 am. Other brands such as Hanjiang, Chengyuan and Nanfang were quoted RMB 50/mt lower. In the afternoon, lead prices remained between RMB 14,830-14,880/mt. Downstream buyers had built stocks after the National Day holiday, who were cautious at higher prices yesterday, leaving transactions quiet.