SMM Brief on SHFE Lead Futures (2013-1-23)

SHANGHAI, Jan. 23 (SMM) – The SHFE 1303 lead contract price started higher at RMB 15,250/mt on January 23 and fell due to the decline of Shanghai Composite Index. At midday, the prices showed larger losses to hit as low as RMB 15,150/mt despite a USD 10/mt increase in LME lead prices around 12:30 a.m. At the tail of trading, however, domestic A-shares regained the earlier losses, driving SHFE lead prices to end at RMB 15,250/mt, showing stronger buying support. Trading volumes fell 216 lots to 184 lots, while positions were down 58 lots to 2,228 lots.