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SMM Lead Market Daily Review (2013-7-2)
Jul 3,2013 09:07CST
price review forecast
Source:SMM
SHFE 1309 lead contract price, little affected by the rises in LME lead overnight, started Tuesday at RMB 13,935/mt.

SHANGHAI, Jul. 3 (SMM) – SHFE 1309 lead contract price, little affected by the rises in LME lead overnight, started Tuesday at RMB 13,935/mt, and stayed between RMB 13,935-13,965/mt despite the LME lead prices touching a high of USD 2,100/mt and Shanghai Composite Index returning above 2,000. At the tail of trading, however, prices rallied driven by a transaction made at RMB 14,280/mt for short covering, and finally closed at RMB 14,280/mt, up RMB 340/mt or 2.44%. Trading volumes increased 32 lots to 98 lots, and positions increased 14 lots to 1,970 lots. Settlement price remained below RMB 14,000/mt at RMB 13,965/mt. The stagnant SHFE lead prices prevented spot lead prices from rising.

 
Transactions in China’s spot lead markets were mainly made for warehouse warrants. Warrants for Tongguan, Wanyang, and Yubei were mainly offered at RMB 13,780-13,790/mt, with premiums of RMB 10-20/mt over SHFE 1307 lead contract price. Hanjiang and Jinde was quoted at RMB 13,760/mt and RMB 13,730/mt, respectively. Spot lead prices remained weak and were little affected by rising LME lead since consumption downstream remained depressed. Buying interest was still low, leaving trading muted. 
 
SHFE lead price
spot lead price

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