SMM Daily Review - 2012/2/24 Lead Market

SMM Insight 08:45:59AM Feb 27, 2012 Source:SMM

SHANGHAI, Feb. 27 (SMM) – On Friday, SHFE lead prices rose after opening at RMB 15,950/mt and moved around RMB 16,000/mt. In the afternoon, Pitch Ratings downgraded ratings for three Australian banks, the US dollar index rose slightly as a result, and LME lead prices hovered around RMB 2,150/mt. Thus, SHFE lead prices moved below the moving averages with resistance and dipped to RMB 15,970/mt. However, SHFE lead prices were relatively resilient to declines compared with other base metals and closed at RMB 15,990/mt, up RMB 105/mt. Trading volumes increased by 64 lots to 412 lots and positions were down 54 to 2,024 lots.

In China’s domestic spot markets, initial quotation for well-known brands such as Chihong Zn & Ge were at RMB 15,900/mt, while Nanfang and Shuikoushan were quoted at RMB 15,880-15,900/mt, with discounts against the most active SHFE lead contract price at RMB 90-100/mt. At about 10:30 a.m., quotations for several brands decreased to RMB 15,850/mt. Quotations for Shenqian lead from Fujian were between RMB 15,760-15,780/mt. Prices remained basically unchanged in the afternoon. With lead prices starting to stabilize, smelters were cautiously moving goods over bullish outlook, while downstream buyers were more actively making inquiries.

Key Words:  SHFE lead   lead price 

SMM Daily Review - 2012/2/24 Lead Market

SMM Insight 08:45:59AM Feb 27, 2012 Source:SMM

SHANGHAI, Feb. 27 (SMM) – On Friday, SHFE lead prices rose after opening at RMB 15,950/mt and moved around RMB 16,000/mt. In the afternoon, Pitch Ratings downgraded ratings for three Australian banks, the US dollar index rose slightly as a result, and LME lead prices hovered around RMB 2,150/mt. Thus, SHFE lead prices moved below the moving averages with resistance and dipped to RMB 15,970/mt. However, SHFE lead prices were relatively resilient to declines compared with other base metals and closed at RMB 15,990/mt, up RMB 105/mt. Trading volumes increased by 64 lots to 412 lots and positions were down 54 to 2,024 lots.

In China’s domestic spot markets, initial quotation for well-known brands such as Chihong Zn & Ge were at RMB 15,900/mt, while Nanfang and Shuikoushan were quoted at RMB 15,880-15,900/mt, with discounts against the most active SHFE lead contract price at RMB 90-100/mt. At about 10:30 a.m., quotations for several brands decreased to RMB 15,850/mt. Quotations for Shenqian lead from Fujian were between RMB 15,760-15,780/mt. Prices remained basically unchanged in the afternoon. With lead prices starting to stabilize, smelters were cautiously moving goods over bullish outlook, while downstream buyers were more actively making inquiries.

Key Words:  SHFE lead   lead price