SMM Lead Market Daily Review (2013-1-8)

SHANGHAI, Jan. 9 (SMM) – The most active SHFE lead contract price opened at RMB 15,300/mt on Tuesday and moved between RMB 15,140-15,170/mt after a dive at around 9: 00 a.m. At the tail of trading, SHFE lead prices dropped to RMB 15,120/mt, a low last seen in late October, and finally closed at the level, down RMB 50/mt from the previous trading day.  Trading volumes were down 132 lots to 134 lots, and positions fell 56 lots to 2,288 lots.

Cargo holders in spot lead markets still held prices firm. Chihong Zn & Ge was quoted at RMB 14,770/mt, with spot discounts of RMB 380/mt over the most active SHFE lead contract price, while Nanfang was offered at RMB 14,730/mt. Quotations for Hanjiang and Mengzi were mainly at RMB 14,690-14,700/mt, and those for Shenqian remained unchanged at RMB 14,660/mt. Seller and buyers watched on the sidelines early in the month, leaving trading modest.