SMM Brief on SHFE Lead Futures (2013-7-22)

SHANGHAI, Jul. 22 (SMM) – SHFE 1309 lead contract price moved between the 5 and 10-day moving averages after starting at RMB 13,865/mt on Monday. At midday, as SHFE copper fluctuated up, SHFE lead price edged up RMB 10/mt but met strong resistance at the 10-day moving average to finally end at RMB 13,875/mt, up RMB 50/mt from last Friday. Trading volumes increased 68 lots to 118 lots, and positions increased 66 lots to 2,574 lots. As the limited supply for spot lead cooled speculative activities, trading for SHFE lead remained quiet, and prices are unlikely to show significant changes in the short term.