SMM Daily Review - 2012/7/17 Lead Market

SHANGHAI, Jul. 18 (SMM) – SHFE lead prices touched a high of RMB 15,065/mt after opening higher at RMB 14,995/mt Tuesday, the highest level since mid-June. However, prices did not extend the increase and only moved around RMB 15,000/mt. In the afternoon, SHFE lead moved down to RMB 14,970/mt to end the day at RMB 14,960/mt with strong support at the 10-day and 30-day moving average. Trading volumes were up 30 lots to 386 lots, while positions were down 20 lots to 2,402 lots.

SHFE lead prices opened slightly higher and moved weakly on Tuesday. Offers in China’s spot lead market edged up. Nanfang and Shuikoushan were mainly quoted between RMB 15,090-15,100/mt, with spot premiums over the most active SHFE lead price at RMB 100/mt. Quotations for Mengzi and Hanjiang were at RMB 15,060-15,070/mt and Shenqian was quoted at around RMB 15,030/mt. As lead prices kept rising, downstream buyers remained cautious with limited deals made.