SMM Daily Review - 2012/7/18 Lead Market

SHANGHAI, Jul. 19 (SMM) – SHFE lead prices moved narrowly within a RMB 30/mt band after opening at RMB 14,970/mt Wednesday, with strong resistance at RMB 15,000/mt. In the afternoon, SHFE lead fell to RMB 14,955/mt due to the declines in Chinese stock markets and LME lead prices, but stabilized later with prices closing at RMB 14,960/mt. Trading volumes were down 206 lots to 180 lots, while positions rose 118 lots to 2,520 lots.

Spot lead market showed no violent movements. Buyers mainly made inquiries and traders held quotations firmly with limited goods at hand. Nanfang was 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, Hanjiang and Shenqian were at RMB 15,050-15,070/mt. Only limited transactions were limited in general.