SMM Daily Review - 2012/7/10 Lead Market-Shanghai Metals Market

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SMM Daily Review - 2012/7/10 Lead Market

Price Review & Forecast 08:50:08AM Jul 11, 2012 Source:SMM

SHANGHAI, Jul. 11 (SMM) – On Tuesday, SHFE lead prices opened RMB 60/mt higher at RMB 14,900/mt under the influence of LME lead prices overnight. Later, SHFE lead prices moved within the RMB 14,890-14,920/mt and fluctuated down at the tail of trading along with domestic stocks to finally close at RMB 14,875/mt, up RMB 35/mt, with support at the 20-day moving average and resistance at the 30-day moving average. Trading volumes were down 118 lots to 104 lots, and positions were up 14 lots to 2,150 lots.

Quotations for Chengyuan and Nanfang were between RMB 15,020-15,030/mt, with spot premiums of RMB 100-110/mt over the most active SHFE lead price. Supply from Nanfang fell short in the market, boosting buying interest. Mengzi and Hanjiang were mainly quoted at RMB 14,950/mt. Quotations for Shenqian and brands from Gejiu region were around RMB 14,930/mt. Smelters were less reluctant to move goods and traders continued holding prices firm. Downstream buyers were not willing to buy noting prices were relatively high, leaving limited transactions made.

Key Words:  SHFE lead   lead price 

SMM Daily Review - 2012/7/10 Lead Market

Price Review & Forecast 08:50:08AM Jul 11, 2012 Source:SMM

SHANGHAI, Jul. 11 (SMM) – On Tuesday, SHFE lead prices opened RMB 60/mt higher at RMB 14,900/mt under the influence of LME lead prices overnight. Later, SHFE lead prices moved within the RMB 14,890-14,920/mt and fluctuated down at the tail of trading along with domestic stocks to finally close at RMB 14,875/mt, up RMB 35/mt, with support at the 20-day moving average and resistance at the 30-day moving average. Trading volumes were down 118 lots to 104 lots, and positions were up 14 lots to 2,150 lots.

Quotations for Chengyuan and Nanfang were between RMB 15,020-15,030/mt, with spot premiums of RMB 100-110/mt over the most active SHFE lead price. Supply from Nanfang fell short in the market, boosting buying interest. Mengzi and Hanjiang were mainly quoted at RMB 14,950/mt. Quotations for Shenqian and brands from Gejiu region were around RMB 14,930/mt. Smelters were less reluctant to move goods and traders continued holding prices firm. Downstream buyers were not willing to buy noting prices were relatively high, leaving limited transactions made.

Key Words:  SHFE lead   lead price