SMM Lead Market Daily Review (2013-2-8)

SHANGHAI, Feb. 16 (SMM) –SHFE lead prices finally stopped falling and began rallying during the last trading day before the Chinese New Year holiday, after the losing streak for four consecutive days. SHFE lead prices marched higher after opening at RMB 15,350/mt, and basically pared the previous trading day’s losses, but still with technical pressure at the 20-day moving average. SHFE lead prices ended at RMB 15,390/mt, a gain of RMB 45/mt. Trading volumes decreased 32 lots to 40 lots, while positions added 8 lots to 2,466 lots.

SHFE lead prices trended slightly higher, but Shanghai spot lead market remained lackluster since most smelters, traders, and downstream consumers basically left markets.