SMM Daily Review - 2012/5/17 Lead Market

SHANGHAI, May 18 (SMM) – SHFE lead prices fell to move between RMB 15,250-15,300/mt Thursday after opening at RMB 15,335/mt. In the afternoon, SHFE lead prices regained earlier losses and moved between RMB 15,320-15,360/mt to finally close at RMB 15,300/mt, up RMB 45/mt. Trading volumes were up 94 lots to 270 lots, and positions increased by 86 lots to 1,174 lots.

Quotations for well-known brands including Chihong Zn & Ge and Nanfang moved down to between RMB 15,280-15,300/mt, with premiums of RMB 0-10/mt over the most active SHFE lead contract price. Tongguan and Shuangyan were quoted between RMB 15,240-15,250/mt. Offers for lead from Gejiu region were rarely reported. In the afternoon, quotations for branded lead rose to RMB 15,350/mt, but fell to RMB 15,320/mt later. Dealers were cautious moving goods as lead prices were lower than their floor prices and since market expected prices to rebound. Trading was still modest.