SMM Daily Review - 2012/5/29 Lead Market

SHANGHAI, May 30 (SMM) – On Tuesday, SHFE lead prices opened slightly lower at RMB 15,230/mt and rallied from an intraday low of RMB 15,200/mt to RMB 15,280/mt. Later, SHFE lead prices moved between RMB 15,230-15,280/mt to finally close at RMB 15,250/mt, up RMB 5/mt. Trading volumes were up 26 lots to 200 lots, while positions increased to 1,906 lots, up 100 lots.

On Tuesday, lead prices in China’s domestic spot market remained stable compared with the previous trading day, quotations for Chihong Zn & Ge and Shuikoushan were at RMB 15,280/mt, with premiums of RMB 30/mt over the most active SHFE lead contract price, but . Hanjiang was quoted around RMB 15,210/mt, and Shenqian was quoted at RMB 15,160/mt. Most investors expected prices should increase. Transactions were modest in the market with both supply and demand weak.