SMM Daily Review - 2012/3/16 Lead Market

SHANGHAI, Mar. 19 (SMM) – On Friday, SHFE lead prices opened RMB 100/mt higher at RMB 15,965/mt and hit a high of RMB 16,020/mt briefly but fell to the opening price due to a lack of up momentum. At the tail of trading, prices gained support at RMB 15,950/mt and finally closed at RMB 16,015/mt, up RMB 165/mt or 1.04%. Traded volumes decreased by 140 lots to 216 lots and positions were up 30 lots to 1,498 lots.

In domestic spot markets, quotations for brands such as Chihong Zn & Ge, Nanfang were at RMB 16,000/mt initially, close to SHFE 1205 lead contract price, and fell to RMB 15,950/mt later. Other brands such as Shenqian were quoted at RMB 15,800/mt, and quotation for Dongling was at RMB 15,870/mt. In the afternoon, prices did not show significant change, well-known brands were quoted at RMB 15,930/mt. Transactions were limited due to high prices.