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SMM Lead Market Daily Review (2013-7-17)
Jul 18,2013 08:49CST
price review forecast
Source:SMM
SHFE lead prices opened at RMB 13,880/mt on July 17 and climbed to RMB 13,900/mt as the positive June Conference Board Leading Economic Index for China shored up investors.

SHANGHAI, Jul. 18 (SMM) – SHFE lead prices opened at RMB 13,880/mt on July 17 and climbed to RMB 13,900/mt as the positive June Conference Board Leading Economic Index for China shored up investors. However, prices met resistance at the 5-day moving average, and failed to extend increase in the afternoon. Moreover, China’s Finance Minister said significant fiscal stimulus is not expected this year, while policies will be fine tuned, so Chinese stocks surrendered earlier gains and SHFE 1309 lead contract price fell back to RMB 13,880/mt, down RMB 10/mt from a day earlier. Trading volumes were up 30 lots to 42 lots, while positions increased 26 lots to 2,526 lots.

 
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. 
 
SHFE lead price
spot lead price

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