SMM Brief Review - 2011/10/18 SHFE Lead Futures

SHANGHAI, Oct. 18 (SMM) – SHFE lead opened about RMB 300/mt lower at RMB 14,725/mt on Tuesday and continued to drop after opening due to the plunging LME lead prices. China’s National Bureau of Statistics (NBS) released GDP and industrial data of 3Q at 10 a.m. on Tuesday. The decline of GDP growth overshadowed increases in industrial data. As a result, SHFE lead continued to fall and came under pressure at the 10-day moving average, with prices finally closing at RMB 14,420/mt, down RMB 620/mt, or 4.12%. Trading volumes increased by 140 lots to 632 lots, and positions decreased by 220 lots to 1,486 lots.