SMM Lead Market Daily Review (2013-4-10)-Shanghai Metals Market

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SMM Lead Market Daily Review (2013-4-10)

Price Review & Forecast 09:09:53AM Apr 11, 2013 Source:SMM

SHANGHAI, Apr. 11 (SMM) – Although LME lead prices increased 1.35% overnight, SHFE 1306 lead contract price only moved around RMB 14,480/mt on April 10 after opening higher at RMB 14,500/mt due to resistance at the 10-day moving average. Prices then fell to RMB 14,450/mt as base metals weakened, ad finally closed at RMB 14,480/mt, flat with a day earlier. Trading volumes were down 20 lots to 62 lots, and positions only edged up 6 lots to 2,130 lots.

SHFE lead prices hovered near the 10-day moving average on April 10, and spot lead prices remained little changed from the previous trading day. Chihong Zn & Ge and Nanfang were quoted at RMB 14,270-14,280/mt, with spot discounts over the most active SHFE lead price of RMB 200/mt. Quotations for Shuangyan and YT were RMB 14,220/mt and RMB 14,230/mt, respectively. Market players were cautious, awaiting Fed’s interest rate decision. Downstream buyers purchased modestly at low prices, and smelters were still reluctant to move goods, with transactions mainly done between traders.

SMM Lead Market Daily Review (2013-4-10)

Price Review & Forecast 09:09:53AM Apr 11, 2013 Source:SMM

SHANGHAI, Apr. 11 (SMM) – Although LME lead prices increased 1.35% overnight, SHFE 1306 lead contract price only moved around RMB 14,480/mt on April 10 after opening higher at RMB 14,500/mt due to resistance at the 10-day moving average. Prices then fell to RMB 14,450/mt as base metals weakened, ad finally closed at RMB 14,480/mt, flat with a day earlier. Trading volumes were down 20 lots to 62 lots, and positions only edged up 6 lots to 2,130 lots.

SHFE lead prices hovered near the 10-day moving average on April 10, and spot lead prices remained little changed from the previous trading day. Chihong Zn & Ge and Nanfang were quoted at RMB 14,270-14,280/mt, with spot discounts over the most active SHFE lead price of RMB 200/mt. Quotations for Shuangyan and YT were RMB 14,220/mt and RMB 14,230/mt, respectively. Market players were cautious, awaiting Fed’s interest rate decision. Downstream buyers purchased modestly at low prices, and smelters were still reluctant to move goods, with transactions mainly done between traders.