SMM Lead Market Daily Review (2013-3-19)

SHANGHAI, Mar. 20 (SMM) – SHFE lead prices stopped falling but remained low Tuesday following the slump on the previous trading day. The most active SHFE lead contract price opened at RMB 14,410/mt and moved up due to the rising Shanghai Composite Index and short entering the market actively, to finally close at RMB 14,515/mt, up RMB 25/mt. Trading volumes fell 108 lots to 194 lots, while holdings were down 10 lots to 2,174 lots.

Spot lead market in China was quiet. Chihong Zn & Ge was quoted at RMB 14,500/mt, level with the most active SHFE lead contract price, and prices for Yuguang were offered at RMB 14,430/mt, with spot premiums of RMB 10/mt over the SHFE 1304 lead contract price. Shuangyan was quoted at RMB 14,400/mt. Downstream buyers purchased cautiously given unclear outlook, while cargo holders were not willing to sell due to low prices.