SMM Lead Market Daily Review (2012-10-16)

SHANGHAI, Oct. 17 (SMM) – On October 16, SHFE lead prices opened at RMB 15,650/mt and mainly fluctuated narrowly. Given the upcoming EU summit, market players mainly watched on the sidelines, leaving SHFE lead prices to move around moving averages and hovered within a narrow range between RMB 15,650-15,700/mt. SHFE lead finally closed at RMB 15,715/mt, inching up RMB 25/mt from the previous trading day. Trading volumes fell 136 lots to 176 lots, and positions were down 44 lots to 1,176 lots.

In China’s domestic spot markets, quotations for Chihong Zn & Ge and Nanfang were firm quoted at RMB 15,540-15,550/mt, with spot discounts over the most active SHFE lead contract price at RMB 150/mt. Dongling and Mengzi were quoted at RMB 15,450-15,460/mt, quotations for other brands including Hanjiang were lowered to RMB 15,370-15,380/mt. Cargo holders were actively moving goods while downstream buyers bought goods at lows.