SMM Lead Market Daily Review (2013-10-9)-Shanghai Metals Market

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SMM Lead Market Daily Review (2013-10-9)

Price Review & Forecast 08:57:22AM Oct 10, 2013 Source:SMM

SHANGHAI, Oct. 10 (SMM) – The most active SHFE lead price started at RMB 14,095/mt on October 9 and touched an intraday high of RMB 14,155/mt. Later, the prices moved around RMB 14,100/mt and finally closed RMB 40/mt higher at RMB 14,095/mt, staying around the 5-day moving average. No major stories were reported. Traded volumes for the most active SHFE lead contract dropped by 72 lots to 420 lots, while positions were up 24 lots to 8,404 lots. Trading volumes ran counter to positions, an indication of pervasive caution among investors. Longs had a slight edge in the market at the moment. 

 
In Shanghai spot lead market, resources of Jinsha were quoted at RMB 14,080/mt on October 9, with a contango of RMB 20/mt against the most active SHFE lead contract price. Chengyuan was traded at RMB 14,040-14,050/mt, a backwardation of RMB 60/mt over the SHFE 1310 lead contract price. Hanjiang was sold at RMB 14,010/mt, while Humon’s goods were traded at RMB 13,980/mt. Price for YY lead was RMB 13,950/mt. Downstream buyers showed little appetite for purchasing lead, with most transactions in spot market done at low prices. Holders of branded lead refused to sell at low prices, with trading light.
 

SMM Lead Market Daily Review (2013-10-9)

Price Review & Forecast 08:57:22AM Oct 10, 2013 Source:SMM

SHANGHAI, Oct. 10 (SMM) – The most active SHFE lead price started at RMB 14,095/mt on October 9 and touched an intraday high of RMB 14,155/mt. Later, the prices moved around RMB 14,100/mt and finally closed RMB 40/mt higher at RMB 14,095/mt, staying around the 5-day moving average. No major stories were reported. Traded volumes for the most active SHFE lead contract dropped by 72 lots to 420 lots, while positions were up 24 lots to 8,404 lots. Trading volumes ran counter to positions, an indication of pervasive caution among investors. Longs had a slight edge in the market at the moment. 

 
In Shanghai spot lead market, resources of Jinsha were quoted at RMB 14,080/mt on October 9, with a contango of RMB 20/mt against the most active SHFE lead contract price. Chengyuan was traded at RMB 14,040-14,050/mt, a backwardation of RMB 60/mt over the SHFE 1310 lead contract price. Hanjiang was sold at RMB 14,010/mt, while Humon’s goods were traded at RMB 13,980/mt. Price for YY lead was RMB 13,950/mt. Downstream buyers showed little appetite for purchasing lead, with most transactions in spot market done at low prices. Holders of branded lead refused to sell at low prices, with trading light.