SMM Brief on SHFE Lead Futures (2013-4-23)

SHANGHAI, Apr. 23 (SMM) – SHFE 1306 lead contract price started slightly higher at RMB 13,745/mt on Tuesday. However, as the HSBC China flash PMI was reported at 50.5 in March, lower than expectation and previous level, market concerns over China’s economy was intensified. In response, base metals fell generally and the Shanghai Composite Index slumped over 2%. SHFE 1306 lead contract price fell to RMB 13,650-13,700/mt before closing at RMB 13,690/mt. Traded volumes were down 326 lots to 100 lots, and positions were up 12 lots to 2,048 lots.