SMM Lead Market Daily Review (2013-5-31)-Shanghai Metals Market

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SMM Lead Market Daily Review (2013-5-31)

Price Review & Forecast 08:52:59AM Jun 03, 2013 Source:SMM

SHANGHAI, Jun. 3 (SMM) – The opening price of SHFE 1307 lead contract stood above RMB 14,000/mt on May 31 at RMB 14,040/mt due to the continued rallies in LME lead prices overnight, but lacked momentum to rise further as investors booked profits ahead of the weekend to move narrowly between RMB 13,990-14,030/mt. Prices finally ended the day at RMB 14,005/mt, up RMB 85/mt from a day earlier. Trading volumes fell 26 lots to 208 lots, while positions increased 12 lots to 2,092 lots. The jumping prices opened window for further increase next week.

In China’s spot lead markets, transactions were rare ahead of the weekend and on the last day of the months. Smelters were bullish to market outlook due to the SHFE lead gapping higher, and held prices firm. Chihong Zn & Ge was quoted at RMB 13,900/mt, with spot discounts of RMB 100/mt against the SHFE 1307 lead contract price, but traded prices were mainly around RMB 13,870/mt. Quotes for Hanjiang were at RMB 13,860/mt. Most investors only stayed on the sidelines.

 

SMM Lead Market Daily Review (2013-5-31)

Price Review & Forecast 08:52:59AM Jun 03, 2013 Source:SMM

SHANGHAI, Jun. 3 (SMM) – The opening price of SHFE 1307 lead contract stood above RMB 14,000/mt on May 31 at RMB 14,040/mt due to the continued rallies in LME lead prices overnight, but lacked momentum to rise further as investors booked profits ahead of the weekend to move narrowly between RMB 13,990-14,030/mt. Prices finally ended the day at RMB 14,005/mt, up RMB 85/mt from a day earlier. Trading volumes fell 26 lots to 208 lots, while positions increased 12 lots to 2,092 lots. The jumping prices opened window for further increase next week.

In China’s spot lead markets, transactions were rare ahead of the weekend and on the last day of the months. Smelters were bullish to market outlook due to the SHFE lead gapping higher, and held prices firm. Chihong Zn & Ge was quoted at RMB 13,900/mt, with spot discounts of RMB 100/mt against the SHFE 1307 lead contract price, but traded prices were mainly around RMB 13,870/mt. Quotes for Hanjiang were at RMB 13,860/mt. Most investors only stayed on the sidelines.