SMM Lead Market Daily Review (2013-3-21)

SHANGHAI, Mar. 22 (SMM) –The most active SHFE lead contract price opened at RMB 14,570/mt on March 21 and hit a high of RMB 14,610/mt due to positive China PMI and rises in domestic stocks and SHFE copper prices. The contract finally settled at RMB 14,590/mt, up RMB 40/mt and standing above the 5-day moving average this week. Trading volumes fell 170 lots to 88 lots, while positions were down 14 lots to 2,146 lots.

SHFE lead prices gapped higher on Thursday due to positive HSBC PMI for March, and spot lead prices in China also edged up. Prices for Chihong Zn & Ge and Nanfang were mainly offered at RMB 14,480-14,490/mt, with spot discounts of RMB 100/mt against the most active SHFE lead contract price. Quotations for Shenqian were at RMB 14,440/mt. Cargo holders lowered prices but downstream buyers still purchased as needed.