SMM Daily Review - 2012/3/8 Lead Market

SHANGHAI, Mar. 9 (SMM) – On Thursday, SHFE 1204 lead contract price opened at RMB 15,700/mt and fluctuated up to move around RMB 15,750/mt. Later, SHFE lead prices moved up due to increasing LME lead prices and finally closed at RMB 15,810/mt, up RMB 145/mt. Traded volumes decreased by 376 lots to 202 lots and positions were down 32 lots to 1,306 lots.

In China’s domestic spot markets, quotation for well-known brands such as Chihong Zn & Ge, Yuguang were around RMB 15,700/mt, with discounts over the most active SHFE lead contract price at RMB 50-80/mt. Other brands were quoted at RMB 15,650/mt. In the afternoon, quotations for Yuguang and Chihong Zn & Ge rose to RMB 15,720-15,730/mt along with SHFE lead prices. Smelters sold goods in limited amounts, and downstream buyers were willing to buy goods at lower prices, with transactions improving in general.