SMM Daily Review - 2012/5/23 Lead Market

SHANGHAI, May 24 (SMM) – On Wednesday, SHFE lead prices opened RMB 50/mt lower at RMB 15,100/mt and moved weakly between RMB 15,120-15,150/mt. In the afternoon, SHFE lead prices fell along with LME lead prices to RMB 15,050-15,100/mt, and closed the day at RMB 15,075/mt, down RMB 135/mt. Trading volumes were down 52 lots to 204 lots, while positions increased to 1,740 lots, up 36 lots.

In domestic spot markets, Chihong Zn & Ge was initially quoted around RMB 15,300/mt, with premiums of RMB 150/mt over the most active SHFE lead price, but quotations were lowered to RMB 15,250/mt along with the falling SHFE lead prices in the afternoon. Shuikoushan was quoted at around RMB 15,200/mt, while offers for Shenqian were at RMB 15,170/mt. Trading remained unimproved.