SMM Daily Review - 2012/1/18 Lead Market

SHANGHAI, Jan. 19 (SMM) – SHFE lead prices gapped higher at RMB 15,665/mt and moved around the moving averages on Wednesday influenced by the increasing LME lead prices. In the afternoon, SHFE lead prices edged up slightly along with LME copper prices and fluctuated between RMB 15,750-15,810/mt, with prices finally closing at RMB 15,750/mt, up RMB 120/mt. Trading volumes increased by 268 lots to 634 lots, and positions decreased by 46 lots to 1,936 lots.

In domestic spot lead markets, quotations for branded lead such as Nanfang were around RMB 15,650/mt, with discounts over the most active SHFE lead contract prices of RMB 100/mt. Other brands such as Hexing were quoted at around RMB 15,480/mt. Most traders were busy in settlements while downstream enterprises began the holiday, leaving transactions muted.