SMM Brief Review - 2011/11/30 SHFE Lead Futures

SHANGHAI, Nov. 30 (SMM) – The most active SHFE lead contract plunged to RMB 15,280/mt after its opening but rebounded to move at RMB 15,350/mt on Wednesday. However, in the afternoon, as Shanghai Composite Index dropped dramatically to 2,330, SHFE lead prices again dipped to RMB 15,280/mt, the intraday low, and failed to rally at the tail of trading, with prices finally closed at RMB 15,315/mt, down RMB 150/mt. Market confidence was depressed by the drop in China's stock market, with longs staying away from the market. Trading volumes decreased by 46 lots to 388 lots, and positions increased by 16 lots to 2,426 lots.