SMM Lead Market Daily Review (2013-10-15)

Oct 16, 2013 09:16

Source:SMM

The most active SHFE lead contract prices started RMB 155/mt higher than the settlement price of Monday at RMB 14,300/mt.

SHANGHAI, Oct. 16 (SMM) – The most active SHFE lead contract prices started RMB 155/mt higher than the settlement price of Monday at RMB 14,300/mt, boosted by a USD 30/mt spike in LME lead overnight, but then followed the LME lead price trend down to touch a low of RMB 14,160/mt. The most-trade SHFE lead contract price found support at the 5 and 20-day moving averages at the tail of trading to finally end at RMB 14,215/mt, up RMB 70/mt. Trading volumes shrank by 290 lots to 586 lots, while positions inched up 6 lots to 9,020 lots.

However, spot lead prices in Shanghai show no significant rise. Jinsha and Chengyuan were quoted at RMB 14,130-14,150/mt, but traded prices for Jinsha were lower at RMB 14,110-14,120/mt given increasing supplies, with contango against the most active SHFE lead contract price expanding from RMB 60/mt to RMB 120/mt. Price was RMB 14,080/mt for Hanjiang and RMB 14,050/mt for Humon. Transactions improved with as deals between traders picked up, but purchases by downstream buyers remained limited.

SHFE lead price

spot lead price

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SMM Lead Market Daily Review (2013-10-15)

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