SMM Lead Market Daily Review (2013-4-24)

SHANGHAI, Apr. 25 (SMM) – SHFE 1306 lead contract price gapped RMB 100/mt higher at RMB 13,820/mt on April 24 and moved between RMB 13,750-13,800/mt. In the afternoon, as profit-booking by shorts drove the A-shares to rebound and shored up market confidence, SHFE copper rose above RMB 50,000/mt. However, SHFE lead prices lacked impetus to increase and only hovered around RMB 13,800/mt before ending at RMB 13,810/mt, up RMB 120/mt from a day earlier and standing above the 5-day moving average. Traded volumes were up 52 lots to 152 lots, while positions increased 66 lots to 2,114 lots.

 

SHFE lead prices opened higher on Wednesday but lacked upward momentum, while spot lead prices moved up RMB 50-80/mt. Chihong Zn & Ge was quoted at RMB 13,730/mt, with spot discount of RMB 40/mt over the SHFE 1306 lead contract price. Nanfang and Jinli were offered at RMB 13,700/mt. Market players remained bearish despite the slight rebound, leaving trading unimproved.