SMM Lead Market Daily Review (2013-4-23)-Shanghai Metals Market

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SMM Lead Market Daily Review (2013-4-23)

Price Review & Forecast 09:03:44AM Apr 24, 2013 Source:SMM

SHANGHAI, Apr. 24 (SMM) – SHFE 1306 lead contract price opened 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.

SHFE lead prices were again dragged down by the worse-than-expected China HSBC PMI on Tuesday, and spot lead price also fell below RMB 13,700/mt. Cargo holders were more reluctant to move goods, with quotations rarely reported. Chihong Zn & Ge and Nanfang were quoted at RMB 13,640-13,650/mt, with spot discounts of RMB 30-40/mt against the most active SHFE lead contract price. Warrants for Yubei were offered at RMB 13,620/mt, with premiums of RMB 20/mt over the HSFE 1305 lead contract price. Inquiries downstream were also limited, with only a few transactions done between traders.

 

SMM Lead Market Daily Review (2013-4-23)

Price Review & Forecast 09:03:44AM Apr 24, 2013 Source:SMM

SHANGHAI, Apr. 24 (SMM) – SHFE 1306 lead contract price opened 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.

SHFE lead prices were again dragged down by the worse-than-expected China HSBC PMI on Tuesday, and spot lead price also fell below RMB 13,700/mt. Cargo holders were more reluctant to move goods, with quotations rarely reported. Chihong Zn & Ge and Nanfang were quoted at RMB 13,640-13,650/mt, with spot discounts of RMB 30-40/mt against the most active SHFE lead contract price. Warrants for Yubei were offered at RMB 13,620/mt, with premiums of RMB 20/mt over the HSFE 1305 lead contract price. Inquiries downstream were also limited, with only a few transactions done between traders.