SMM Lead Market Daily Review (2013-1-9)

SHANGHAI, Jan. 10 (SMM) – The most active SHFE lead contract price opened at a new low for the year of RMB 15,100/mt on January 9 influenced by the LME lead price movement overnight. The most traded contract price then moved narrowly between RMB 15,100-15,130/mt. Investors remained cautious due to a lack of economic reports, and SHFE lead prices ended at RMB 15,125/mt. Trading volumes were down 10 lots to 124 lots, and positions fell 78 lots to 2,210 lots.

On January 9, spot lead prices in China remained little changed from the previous trading day. Chihong Zn & Ge was quoted at RMB 14,780/mt, with spot discounts of RMB 350/mt over the most active SHFE lead contract price, while Nanfang was offered at RMB 14,740/mt. Quotations for Dongling and Mengzi were mainly at RMB 14,680/mt, and those for Shenqian and Hanjiang were around RMB 14,650/mt. Downstream buyers only purchased as needed and smelters reported normal supply, leaving trading moderate.