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SMM Lead Market Daily Review (2013-7-10)
Jul 11,2013 08:56CST
price review forecast
Source:SMM
On July 10, SHFE lead market did not start until 11: 00 as investors refused to enter the market given hovering prices.

SHANGHAI, Jul. 11 (SMM) – On July 10, SHFE lead market did not start until 11: 00 as investors refused to enter the market given hovering prices. As China’s foreign trade data for June were reported weak, market players have been increasingly concerned about China’s foreign trade, leaving the most active SHFE lead contract starting RMB 60/mt lower at RMB 13,830/mt. In the afternoon, the Shanghai Composite Index reserved losses to stand above 2,000, up over 2%, while SHFE copper also stabilized. As a result, SHFE 1309 lead contract price moved up to end the day at RMB 13,850/mt, down RMB 40/mt from a day earlier. Trading volumes were 172 lots, up 66 lots, and positions increased 50 lots to 2,408 lots. SHFE lead price hit a new 2013 low of RMB 13,815/mt but regained the losses soon supported by a wave of buying. Given support at RMB 13,820/mt and resistance at the 5-day moving average, SHFE lead will stay within a narrow moving range in the near term. 

 
Quotes in China’s spot lead market remained firm. Chihong Zn & Ge was mainly quoted at RMB 13,750/mt, with discounts against the most active SHFE lead contract price narrowing to RMB 80/mt. Nanfang was offered RMB 30/mt lower at RMB 13,720/mt. Prices for Tongguan remained stable at RMB 13,720/mt, while warrants for Shuikoushan were offered at RMB 13,700/mt, RMB 40/mt higher that SHFE 1307 lead contract price. Hanjiang and Hengbang were quoted at RMB 13,660/mt. Downstream consumption remained depressed. Smelters cut output due to tight raw material supply, leaving spot goods tradable in the market reduced. Spot lead prices remained little changed in the afternoon despite a RMB 20/mt increase in futures market. 
 
SHFE lead price
spot lead price

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