SMM Daily Review - 2012/6/29 Lead Market

SHANGHAI, Jul. 2 (SMM) – On Friday morning, it was reported EU leaders agreed that ESM funds could be injected directly into banks, so SHFE lead prices rallied along with other commodities after opening at RMB 14,515/mt and touched a high of RMB 14,730/mt to finally close at RMB 14,635/mt, up RMB 120/mt. Trading volumes were down 40 lots to 210 lots, while positions were up 32 lots to 1,984 lots.

SHFE lead prices rallied to RMB 14,605/mt after opening on Friday. Quotations in China’s spot lead markets moved up. Well-known brands including Chengyuan were quoted at RMB 14,650/mt. Dongling was quoted RMB 100/mt higher than SHFE 1209 lead contract price. Offers from Shenqian were between RMB 14,590-14,600/mt. Quotations from Nanfang were rarely reported. Smelters remained reluctant to sell goods, but downstream buying interest improved.