SMM Daily Review - 2012/5/22 Lead Market

SHANGHAI, May 23 (SMM) – SHFE lead prices opened at RMB 15,255/mt on Tuesday and fluctuated narrowly. Later, prices fell briefly but found buying support at RMB 15,230/mt, and finally ended at RMB 15,210/mt, down RMB 40/mt. Trading volumes were up 52 lots to 256 lots, while positions were up 186 lots to 1,704 lots.

Quotations for well-known lead brands in China’s spot markets, including Chihong Zn & Ge and Yuguang, were mainly at RMB 15,300/mt, with premiums of RMB 50-60/mt over the SHFE 1208 lead contract price. Shuangyan was quoted at RMB 15,260/mt. Offers for lead from Gejiu region and Shenqian were between RMB 15,200-15,220/mt. Demand downstream remained modest, and transactions were limited though some dealers lowered prices for sales.