SMM Daily Review - 2012/5/9 Lead Market

SHANGHAI, May 10 (SMM) – SHFE lead prices were under downward pressures due to weak fundamentals and opened lower at RMB 15,700/mt Wednesday. Later, SHFE lead prices hit a low of RMB 15,615/mt to finally close at RMB 15,665/mt, down RMB 40/mt. Trading volumes were up 194 lots to 410 lots, and positions dropped by 204 lots to 1,198 lots.

Traded prices in spot market were relatively low due to weak demand despite higher quotations. Offers for Chihong Zn & Ge were at RMB 15,600/mt, with discounts of RMB 100/mt against the most active SHFE lead prices, and Tongguan was quoted at around RMB 15,580/mt. Shuangyan was quoted at RMB 15,560/mt, and offers for brands from Gejiu region hovered around RMB 15,400/mt.