SMM Lead Market Daily Review (2013-3-1)

SHANGHAI, Mar. 4 (SMM) – SHFE lead prices gapped lower at RMB 14,890/mt on March 1 due to slipping LME lead prices and moved around moving averages in the morning. In the afternoon, SHFE lead prices fell to RMB 14,840/mt as Shanghai Composite Index weakened and as LME lead prices fell. Prices finally closed at RMB 14,860/mt, down RMB 130/mt. Trading volumes increased 234 lots to 382 lots, while positions were down 132 lots to 1,992 lots.

Spot lead prices in China also showed noticeable decline. Quotations for Chihong Zn & Ge were RMB 14,790-14,800/mt, with spot discounts over the most active SHFE lead contract price at RMB 80/mt. Shuangyan and Hanjiang were quoted at RMB 14,670-14,680/mt, while offers for Shenqian were at RMB 14,660/mt. Market confidence was further hurt by the slumping prices, leaving trading poor.