SMM Daily Review - 2012/4/20 Lead Market

SHANGHAI, Apr. 23 (SMM) – SHFE lead prices opened at RMB 15,660/mt on Friday and moved weakly in the morning. In the afternoon, SHFE lead prices fluctuated up to touch a high of RMB 15,760/mt due to the rising domestic stocks, but met resistance at the 30-day moving average, with prices finally closed at RMB 15,740/mt, up RMB 80/mt. Trading volumes were up 86 lots to 172 lots, and positions were down 88 lots to 1,746 lots.

In China’s domestic spot markets, quotations for well-known brands such as Chihong Zn & Ge, Nanfang and Chengyuan were between RMB 15,650-15,680/mt, with discounts of RMB 30-50/mt against the most active SHFE lead prices. Yunyue from Gejiu region was quoted at RMB 15,520/mt. In the afternoon, spot prices rose to RMB 15,700/mt as futures prices moved up. Traders purchased moderately with bullish outlook and downstream enterprises purchased on an as-needed basis. Trading improved slightly.