SMM Lead Market Daily Review (2013-1-22)

SHANGHAI, Jan. 23 (SMM) – The SHFE 1303 lead contract price touched a high of RMB 15,200/mt on January 22 and touched a high of RMB 15,300/mt due to buying support. Later, however, SHFE lead prices fell to RMB 15,190-15,220/mt to close at RMB 15,205/mt, down RMB 65/mt. Trading volumes soared 364 lots to 400 lots, and positions increased 66 lots to 2,286 lots.

In China’s spot lead market, quotations for Chihong Zn & Ge remained at RMB 14,780/mt on Tuesday, with spot discounts of RMB 420/mt over the most active SHFE lead contract price. Prices offered for Wanyang and Hanjiang were RMB 14,700/mt and RMB 14,670/mt, respectively. Quotation for Shenqian remained unchanged at RMB 14,660/mt. Downstream buyers still purchased as needed while cargo holders moved goods normally, leaving transactions modest.