SMM Daily Review - 2012/3/23 Lead Market

SHANGHAI, Mar. 26 (SMM) – On Friday, SHFE lead prices opened lower at RMB 15,585/mt and fell below moving averages. Later, SHFE lead prices rose to move between RMB 15,550-15,580/mt due to the brief increase in LME lead prices, and found buying support at RMB 15,560/mt to finally close at RMB 15,620/mt. Trading volumes decreased by 78 lots to 586 lots and positions were down 32 lots to 1,840 lots.

In domestic spot markets, quotations for brands such as Yubei and Shuikoushan were around RMB 15,650/mt, and Chihong Zn & Ge was quoted around RMB 15,700/mt with limited goods supply. Prices changed little ahead of the weekend. Traders were cautiously moving goods, expecting lead prices should rise. Downstream buyers were also cautious and mainly purchased on an as-needed basis with uncertainty on market outlook.