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SMM Lead Market Daily Review (2013-7-23)
Jul 24,2013 09:01CST
price review forecast
Source:SMM
SHFE 1309 lead contract price opened higher at RMB 13,880/mt and went up to RMB 13,890/mt driven by buying support and rising Shanghai Composite Index.

SHANGHAI, Jul. 24 (SMM) – SHFE 1309 lead contract price opened higher at RMB 13,880/mt and went up to RMB 13,890/mt driven by buying support and rising Shanghai Composite Index. But prices lacked impetus to rise further and surrendered earlier gains with shorts entering the markets. However as support at the 5-day moving average is strong, the most active SHFE lead contract eventually closed at RMB 13,860/mt, down RMB 15/mt. Trading volumes fell 34 lots to 84 lots, and positions fell 24 lots to 2,550 lots. SHFE lead is expected to keep hovering at RMB 13,820-13,900/mt given the unimproved consumption in spot markets. 

 
Quotes in China’s spot lead markets rose RMB 20-30/mt with SMM average lead price up RMB 25/mt. Supplies from Chihong Zn & Ge remained low and quotes were firm at RMB 13,800/mt, with discount against the most active SHFE lead contract price narrowing to RMB 90/mt. Tongguan was traded at RMB 13,760/mt. Mengzi and Hanjiang were quoted at RMB 13,750/mt. Downstream buyers were still watching on the sidelines given higher lead prices, and smelters sold goods at proper prices, with trading showing no significant improvement. 
 
SHFE lead price
spot lead price

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