SMM Daily Review - 2012/1/4 Lead Market

SHANGHAI, Jan. 5 (SMM) – SHFE lead prices moved down after opening higher at RMB 15,405/mt on Wednesday. Prices rose to touch RMB 15,490/mt due to increase in China’s stock markets but then fell down and found support at RMB 15,310/mt level. Later, prices moved around RMB 15,330/mt and finally closed at 15,310/mt. Trading volumes increased by 100 lots to 356 lots, and positions decreased by 146 lots to 1,118 lots.

In domestic spot markets, quotations for well-known brands such as Nanfang and Chihong Zn&Ge were between RMB 15,350-15,360/mt. Quotations for other brands including lead from Gejiu were around RMB 15,280/mt. In the afternoon, spot prices fluctuated down with SHFE lead prices, and branded lead were quoted at RMB 15,320/mt. Purchases increased as downstream buyers were bullish towards market outlook and due to a lack of purchases during the New Year’s holiday, but less transactions were done among traders. Trading market improved in general.