SHANGHAI, Mar. 28 (SMM) – On Tuesday, Bernanke’s comments caused investors’ expectations on the QE3 policy, but SHFE lead prices remained a weak track. SHFE 1206 lead contract price opened above the 5-day moving average at RMB 15,680/mt, and moved between RMB 15,615-15,650/mt, with prices finally closing at RMB 15,625/mt, up RMB 55/mt. Trading volumes increased by 62 lots to 364 lots and positions were up 138 lots to 2,080 lots.
In domestic spot markets, traders were actively moving goods for the tight cash flows by month’s end. Well-known brands such as Chihong Zn & Ge and Yuguang were quoted between RMB 15,730-15,750/mt, and quotations for Chengyuan, Dongling and Jinguan were mainly around RMB 15,700/mt, with premiums over SHFE 1206 lead contract price between RMB 70-100/mt. Shenqian was quoted at RMB 15,680/mt. Downstream buyers only made inquiries often and purchased in limited amounts, leaving transactions modest.