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SMM Lead Market Daily Review (2013-7-9)
Jul 10,2013 09:01CST
price review forecast
Source:SMM
The most active SHFE 1309 lead contract price started RMB 55/mt higher at RMB 13,900/mt on Tuesday influenced by the 2% increase in LME lead overnight.

SHANGHAI, Jul. 10 (SMM) – The most active SHFE 1309 lead contract price started RMB 55/mt higher at RMB 13,900/mt on Tuesday influenced by the 2% increase in LME lead overnight. In the morning trading session, China’s CPI for June was reported up 2.7% YoY, its highest in four months, while PPI was down 2.7%, basically within market expectation. Market confidence was depressed by the unbalance of economic structure, driving lead prices to fall RMB 30/mt. But SHFE lead prices then regained some losses due to buying support and stabilizing domestic stocks, to finally close at RMB 13,890/mt, up RMB 40/mt from a day earlier. Trading volumes for the most active contract dropped 130 lots to 106 lots, while positions increased 34 lots to 2,358 lots. SHFE lead should remain below the 5-day moving average.  

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.
 
SHFE lead price
spot lead price

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