SMM Daily Review - 2011/10/13 Lead Market

SHAGNHAI, Oct. 14 (SMM) -- On Thursday, SHFE lead prices did not track LME lead prices overnight, opening at RMB 14,950/mt and fluctuating around the moving average. In the afternoon, SHFE lead prices moved between RMB 14,850-14,930/mt, and finally closed at RMB 14,910/mt. Trading volumes increased by 296 lots to 832 lots, while total positions decreased by 110 lots to 2,214 lots.

In domestic spot markets, well-known brands such as Yuguang, Chihong, Nanfang and Chengyuan were quoted around RMB 14,950/mt, while other brands were quoted around RMB 14,900/mt, with discounts of negative RMB 100/mt against SHFE 1112 lead contract prices. In the afternoon, lead prices fell to RMB 14,880-14,900/mt. Market players were cautious as macro economy did not improve, leaving transactions quiet.