SHANGHAI, Oct. 11 (SMM) – The most active SHFE lead contract price started lower at RMB 14,050/mt Thursday under the influence of falling LME lead overnight, and moved up to RMB 14,080-14,110/mt in the morning trading session. The price rose to RMB 14,125/mt at midday and hit a high of RMB 14,160/mt due to stronger buying support at the tail of trading before ending the day at RMB 14,145/mt, up RMB 50/mt. Trading volumes increased by 216 lots to 636 lots, while positions were up 116 lots to 8,520 lots. The approach of delivery date and falling backwardation for spot lead prompted some cargo holders to switch to the most active SHFE lead contract, with the contract staging the biggest gain among all contracts.
SMM Lead Market Daily Review (2013-10-10)