SMM Daily Review - 2011/12/7 Lead Market

SHANGHAI, Dec. 8 (SMM) – On Wednesday, SHFE lead prices opened RMB 150/mt at RMB 15,750/mt and transactions were sluggish in general. Later, SHFE lead prices moved between RMB 15,680-15,730/mt and edged up at the tail of trading due to increases in LME lead prices, and finally closed at RMB 15,795/mt, up RMB 200/mt, or 1.28%. Trading volumes increased by 176 lots to 496 lots, and positions decreased by 200 lots to 2,114 lots.

In domestic spot markets, transactions in spot market are mainly made for well-known domestic brands. Quotations for Nanfang, Chihong Zn & Ge were between RMB 15,630-15,650/mt, with discounts against  SHFE 1201 lead contract price of negative RMB 50-80/mt. Traded prices for other brands such as Baiyin and Tianma were around RMB 15,600/mt and limited deals were reported of these brands. In the afternoon, wait-and-see sentiment dominated the market, and transactions did not improve.