SMM Brief Review - 2011/11/14 SHFE Lead Futures

SHANGHAI, Nov. 14 (SMM) – SHFE 1112 lead prices opened RMB 300/mt higher at RMB 15,200/mt on Monday due to a surge in LME lead prices overnight. Later, prices were driven to rise by longs and touched RMB 15,620/mt at around 11: 00 a.m. with rising domestic stock market. In the afternoon, SHFE lead prices continued to increase and closed at RMB 15,520/mt, up RMB 610/mt, or 4%. Trading volumes decreased slightly by 20 lots to 454 lots, and positions dropped by 134 lots to 1,848 lots, with short covering reaching 4.4%, which also contributed to the rise in SHFE lead prices.