SMM Daily Review - 2011/12/28 Lead Market

SHANGHAI, Dec. 29 (SMM) – On Wednesday, SHFE 1202 lead contract prices opened lower at RMB 15,155/mt due to the lack of major data and reports. SHFE lead prices gained support from buying activities at RMB 15,180/mt and moved up slightly to RMB 15,215/mt in the morning session. Later, however, prices moved between RMB 15,160-15,190/mt under pressure and finally closed at RMB 15,190/mt. Trading volumes increased by 22 lots to 206 lots, and positions were down by 60 lots to 1,296 lots.

In domestic spot markets, with the arrival of the New Year’s holiday, transactions were modest and downstream buyers were not actively building stocks. Quotations for well-known brands such as Nanfang, Chihong Zn & Ge and Chengyuan were around RMB 15,250/mt, but traded prices were mostly around RMB 15,200/mt. Prices of other brands from Yunnan Province were between RMB 15,150-15,170/mt.