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SMM Lead Market Daily Review (2012-10-23)
Oct 24,2012 09:01CST
price review forecast
Source:SMM
SHFE lead prices gapped lower at RMB 15,430/mt and presented a weak trend on Tuesday as LME lead prices dropped nearly 2% overnight.

SHANGHAI, Oct. 24 (SMM) – SHFE lead prices gapped lower at RMB 15,430/mt and presented a weak trend on Tuesday as LME lead prices dropped nearly 2% overnight. In the afternoon, SHFE lead prices fell again to RMB 15,320-15,370/mt as LME lead prices slumped and Chinese stocks fluctuated down, to finally close at RMB 15,305/mt, down RMB 215/mt. Trading volumes were up 146 lots to 226 lots, and positions were up 32 lots to 1,232 lots.

Spot lead prices in China’s domestic spot markets kept falling. Well-known brands, including Chihong Zn & Ge, were quoted at RMB 15,300-15,320/mt, with spot discounts over the SHFE 1212 lead contract price at RMB 110/mt. Mengzi and Hanjiang were offered at RMB 15,270/mt. Quotations for Tongguan were at RMB 15,230-15,240/mt, and those for Dongling and Shenqian were RMB 15,200-15,220/mt. Smelters lowered prices noticeably for sales due to month end financial pressures, but most downstream buyers only purchased as needed, believing prices will fall further.
 

SHFE lead prices
spot lead prices

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