SMM Brief on SHFE Lead Futures (2013-7-11)

SHANGHAI, Jul. 11 (SMM) – The most active SHFE lead contract price gapped some RMB 100/mt higher at RMB 13,940/mt on Thursday boosted by Bernanke’s signal on maintaining easing policies and Chinese Premier Li Keqiang hinting at pro-growth measures. Prices then moved between RMB 13,920-13,960/mt to end at RMB 13,950/mt, up RMB 100/mt from a day earlier, but resistance at the 20-day moving average remains strong. However, the increase in SHFE lead lagged behind other base metals. Trading volumes for the most active contract fell 14 lots to 158 lots, while positions increased 42 lots to 2,450 lots.