SMM Lead Market Daily Review (2013-3-20)

SHANGHAI, Mar. 20 (SMM) – SHFE lead prices opened at RMB 14,490/mt on March 20 and followed a weak trend due to market concerns over the European economic stability. In the afternoon, as domestic stocks climbed 2.6%, SHFE lead prices moved up to close at RMB 14,550/mt, up RMB 35/mt from the previous trading day. Trading volumes increased 64 lots to 258 lots, while positions were down 14 lots to 2,160 lots. 

 

In China’s domestic spot lead market, bearish cargo holders increased goods supply, and traded prices for Chihong Zn & Ge and Nanfang were mainly at RMB 14,450/mt, with spot discounts of RMB 80/mt against the SHFE 1305 lead contract price. Quotations for other brands were rarely heard. Downstream buyers purchased at low prices, but transactions were still limited.