SMM Daily Review - 2012/5/3 Lead Market

SHANGHAI, May 4 (SMM) – SHFE lead prices opened slightly lower at RMB 15,825/mt Thursday and moved between RMB 15,850-15,880/mt in the morning. In the afternoon, SHFE lead prices fell to move around RMB 15,830/mt due to the losses of LME lead prices, but gained support at the 5-day moving average to finally end at RMB 15,830/mt, down RMB 115/mt. Trading volumes were up 16 lots to 524 lots, and positions were up 76 lots to 1,492 lots.

In China’s domestic markets, quotations for Chihong Zn & Ge were mainly at around RMB 15,780/mt, with discounts at RMB 100/mt against the most active SHFE lead prices. Shuangyan was quoted at RMB 15,650/mt, and brands from Gejiu region were quoted around RMB 15,620/mt. In the afternoon, quotations for branded lead were lowered to RMB 15,720-15,730/mt. However, trading was still light despite lower prices.