SMM Daily Review - 2012/1/20 Lead Market

SHANGHAI, Jan. 21 (SMM) – Influenced by the eased concerns over European debt issue and positive US economic data, SHFE three-month lead contract price opened at RMB 16,010/mt on Friday, the last trading day ahead of the Chinese New Year. Price then fluctuated around RMB 16,000/mt and touched the intraday low of RMB 15,890/mt. Later, SHFE lead prices fluctuated up with rising domestic stocks to RMB 16,225/mt, a new high since December 2011, but fell slightly at the tail of trading to close at RMB 16,120/mt, up RMB 195/mt. Trading volumes decreased by 250 lots to 464 lots, and positions decreased by 28 lots to 2,024 lots.

In domestic spot markets, quotations for domestic spot lead were rarely seen. Only brands such as Nanfang, Chihong Zn&Ge, Chengyuan and Shuikoushan were quoted at around RMB 16,000/mt, with discounts over the most active SHFE lead contract prices at RMB 10/mt. Deals were hardly reported on the last trading day ahead of the Chinese New Year holiday.