#1 Lead Price Movement in Shanghai Market (2013-7-9)

SHANGHAI, Jul. 9 (SMM) – Although SHFE lead was boosted by the rallying LME lead prices overnight, the weak PPI data released Tuesday morning limited increase in SHFE lead price. In China’s spot lead markets, Chihong Zn & Ge and Nanfang were offered at RMB 13,730-13,740/mt, with discount of RMB 160/mt against the most active SHFE lead contract, but transactions were rarely made at high prices. Quotes for Hanjiang were initially at RMB 13,690/mt but rose to RMB 13,700/mt along with SHFE lead. Mengzi was quoted at RMB 13,710/mt. Some downstream buyers purchased according to production needs, while smelters moved goods normally. Trading remained modest.