SMM Daily Review - 2012/6/27 Lead Market

SHANGHAI, Jun. 28 (SMM) – On Wednesday, SHFE lead prices opened lower at RMB 14,475/mt investors’ doubt over the EU summit to be held this Thursday and Friday. Later, SHFE lead prices moved between RMB 14,420-14,470/mt to finally close at RMB 14,450/mt, down RMB 40/mt. Transactions were limited due to depressed market confidence. Trading volumes decreased 38 lots to 174 lots, while positions were down 12 lots to 1,994 lots.

SHFE lead prices opened lower on Wednesday. In China’s spot markets, well-known brands including Nanfang were quoted between RMB 14,620-14,630/mt, with premiums of RMB 150/mt against the most active SHFE lead price. Yubei was quoted at RMB 14,600/mt. Shenqian and Hengchang was quoted between RMB 14,550-14,560/mt. Smelters were unwilling to move goods, leaving limited supply in the market, while downstream buyers were reluctant to buy due to poor orders.