SMM Brief on SHFE Lead Futures (2013-6-6)

SHANGHAI, Jun. 6 (SMM) – SHFE 1306 lead contract again became the most active one as positions for SHFE 1307 lead contract price dropped rapidly on June 6. Prices for the most active contract gapped lower at RMB 14,050/mt due to decline in LME lead prices overnight and hovered around the opening prices. Later, as the LME lead prices slumped USD 20/mt, SHFE 1306 lead contract price fell RMB 40/mt to move between RMB 14,000-14,040/mt, but gained support at the 5-day moving average before ending the day at RMB 14,025/mt, down RMB 95/mt from a day earlier. Trading volumes for SHFE 1306 lead contract fell 118 lots to 104 lots, while positions were 1,834 lots.