SMM Brief Review - 2011/12/1 SHFE Lead Futures

SHANGHAI, Dec. 1 (SMM) – The most active SHFE lead contract opened higher at RMB 16,180/mt on Thursday with the upsurge of LME lead prices overnight, but dropped below RMB 16,000/mt to move between RMB 15750-15800/mt due to the falling LME lead prices. Since China’s stock market rallied strongly but rolled back early gains and LME lead prices were relatively stable in the afternoon, SHFE lead prices finally closed at RMB 15,760/mt, up RMB 435/mt, or 2.84%. Uncertainty still existed in the market with more long positions liquidated. Trading volumes increased by 98 lots to 2,524 lots, and positions increased by 476 lots to 864 lots.