#1 Lead Price Movement in Shanghai Market (2013-7-1)

SHANGHAI, Jul. 1 (SMM) – Both official and HSBC manufacturing PMI for China remained low in June, with lead prices still weak on the first trading day in July. In China’s spot lead markets, warrants for Tongguan, Yubei, Wanyang and Nanfang were offered at RMB 13,740-13,750/mt, with premiums of RMB 10-20/mt over the SHFE 1307 lead contract price but with discount of RMB 150/mt against the SHFE 1309 lead contract price. Mengzi was quoted at RMB 13,730-13,740/mt. The increased warrants helped ease tight supply in the market, while downstream buying interest remained unimproved. Cargo holders moved goods normally, believing lead prices to remain stable.