SMM Lead Market Daily Review (2013-2-19)

SHANGHAI, Feb. 20 (SMM) – SHFE lead prices started at RMB 15,320/mt on Tuesday. As the Shanghai Composite Index fell below 2,400 points with the loss exceeding 1%, marker sentiment were depressed, dragging down base metals. In the afternoon, SHFE lead prices dropped below RMB 15,300/mt to finally end at RMB 15,290/mt, down RMB 40/mt. Trading volumes were down 96 lots to 1ots, while positions were up 96 lots to 2,540 lots.

In China’s domestic spot market, quotations for spot lead were lowered by cargo holders. Chihong Zn & Ge was quoted at RMB 14,930/mt, with spot discounts of RMB 400/mt over the most active SHFE lead contract price, traded prices were mainly at RMB 14,900/mt. Hanjiang was quoted at RMB 14,880/mt and Dongling was quoted at RMB 14,850/mt. Quotes for Shenqian remained at RMB 14,820-14,830/mt. Downstream buying interest was low, leaving transactions limited. Quotes and inquiries were rare in the afternoon with SHFE lead prices falling.