SMM Daily Review - 2011/12/2 Lead Market

SHANGHAI, Dec. 5 (SMM) – SHFE lead prices moved narrowly around the moving average between RMB 15,660-15,700/mt after opening at RMB 15,715/mt on Friday due to unclear price trends and cautious sentiment in the market. Finally, SHFE lead prices closed at RMB 15,695/mt, down RMB 65/mt. Trading volumes decreased by 472 lots to 392 lots, and positions decreased slightly by 34 lots to 2,490 lots.

In domestic spot market, quotations for domestic well-known brands such as Nanfang and Chihong Zn & Ge fell by RMB 50-80/mt compared to the previous trading day, to RMB 15,650/mt, with discounts against the most active lead contract prices of negative RMB 30/mt. Quotations for other brands such as Baiyin and Gejiu were between RMB 15,600-15,620/mt. In the afternoon, lead prices remained unchanged. Although smelters were more willing to move goods, downstream buyers were not actively purchasing at higher prices ahead of the weekend, with limited transactions done in the market.