SMM Daily Review - 2012/7/24 Lead Market

SHANGHAI, Jul. 25 (SMM) – SHFE lead prices opened RMB 60/mt lower at RMB 14,745/mt July 24 influenced by the falling LME lead prices overnight, but moved up later to touch RMB 14,895/mt as China’s July PMI hit a five month high of 49.5 according to HSBC. SHFE lead prices closed up RMB 75/mt to RMB 14,880/mt. Trading volumes were down 136 lots to 192 lots, while positions increased 32 lots to 2,618 lots.

In China’s spot lead market, trading remained thin and offers fell below RMB 15,000/mt. Nanfang and Shuikoushan were quoted between RMB 14,970-14,980/mt, with spot premiums of RMB 100/mt over the most active SHFE lead price. Quotations for Tianma were at RMB 14,930/mt. Chihong Zn & Ge started selling goods July 24 with quotations relatively firm at RMB 15,150/mt. Cargo holders were unwilling to move goods.