SMM Daily Review - 2012/5/24 Lead Market

SHANGHAI, May 25 (SMM) – On Thursday, SHFE lead prices opened at RMB 15,190/mt and moved weakly between RMB 15,040-15,150/mt in the morning. Later, prices dipped as low as RMB 15,010/mt due to the falling domestic stocks. In the afternoon, the most active SHFE lead prices rallied and finally closed up RMB 30/mt to RMB 15,130/mt. Trading volumes were up 56 lots to 260 lots, while positions increased to 1,770 lots, up 30 lots.

In China’s domestic spot market, selling interest was apparently lower with limited supply. Chihong Zn & Ge was mainly quoted between RMB 15,220-15,250/mt, with premiums of RMB 150/mt over the most active SHFE lead contract price. Shuangyan was quoted at RMB 15,150/mt. Transactions improved slightly as some buyers downstream purchased at low prices.