SMM Lead Market Daily Review (2012-10-25)

SHANGHAI, Oct. 26 (SMM) – SHFE lead prices fell to RMB 15,255/mt after opening at RMB 15,305/mt Thursday since LME lead prices dropped overnight. Later, however, SHFE lead gained buying support increased to RMB 15,370/mt and then moved around RMB 15,330/mt due to persistent pessimism in the market, with prices ending at RMB 15,300/mt, down RMB 30/mt. Trading volumes were up 16 lots to 192 lots, while positions were up 42 lots to 1,232 lots.

Spot lead prices in China inched down, but downstream consumption remained feeble, with transactions scarce. A few goods from Nanfang and Jinsha were traded at RMB 15,180/mt, with spot discounts over the SHFE 1212 lead contract price at RMB 180/mt. Wanyang and Mengzi were offered at RMB 15,100/mt, and quotations for Shenqian and Baiyin fell to RMB 15,080/mt.