SMM Daily Review - 2011/10/14 Lead Market

SHAGNHAI, Oct. 17 (SMM) -- Last Friday, SHFE lead prices opened at RMB 14,900/mt, moving between RMB 14,920-14,970/mt in the morning session. In the afternoon, SHFE lead prices found support at RMB 14,960/mt, touching RMB 15,100/mt and finally closing at RMB 15,085/mt, up 1.17%. Trading volumes decreased by 56 lots to 776 lots, and total positions decreased by 298 lots to 1,916 lots.

In domestic spot markets, the brand Chihong Zn & Ge was quoted around RMB 14,950/mt, while Nanfang, Chengyuan and Hanjiang were quoted around RMB 14,900/mt. SHFE lead prices fell slightly as of 10:00 am after the NBS released China’s CPI for September, and prices for well-known brands were cut to RMB 14,850-14,900/mt. In the afternoon, SHFE lead prices hovered between RMB 14,950/mt as traders and downstream buyers stood on the sidelines. The market was cautious ahead of the weekend, leaving transactions quiet.