#1 Lead Price Movement in Shanghai Market (2013-7-17)

SHANGHAI, Jul. 17 (SMM) – On July 17, SHFE lead prices remained in a narrow range as investors were cautious before Bernanke’s testimony. In China’s spot lead markets, prices for several brands increased RMB 10/mt. Quote of Chihong Zn & Ge was RMB 13,780/mt, with discount of RMB 110/mt against the most active SHFE lead contract price. Tongguan and Mengzi were offered at RMB 13,760/mt and RMB 13,720/mt, respectively. Hanjiang’s quotes were up RMB 10/mt to RMB 13,710/mt. Downstream purchases were limited given the small price movements. On the other side, the high ex-works prices offered by lead smelters left traders little profit, undermining their buying interest.