SMM Lead Market Daily Review (2013-10-24)-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Aluminium
  • Copper scrap
  • Copper
  • Nickel
  • Market commentary
  • price forecast
  • MMi Iron Ore Port Index
  • Lead
  • Evening comments
  • Alumina
  • Stainless steel
  • Steel
  • Morning comments
  • Manganese ore

SMM Lead Market Daily Review (2013-10-24)

Price Review & Forecast 09:03:49AM Oct 25, 2013 Source:SMM

SHANGHAI, Oct. 25 (SMM) – SHFE 1312 lead contract prices opened RMB 65/mt lower at RMB 14,400/mt and dip as low as RMB 14,330/mt Thursday. Later, the positive HSBC’s China manufacturing PMI failed to offer strong impetus to the market, with SHFE lead falling back to RMB 14,360/mt after a brief touch to RMB 14,400/mt. The most active SHFE lead contract rose marginally to end at RMB 14,390/mt helped by some buying support, down RMB 40/mt. Trading volumes contracted by 562 lots to 680 lots, and positions shed by 98 lots to 10,484 lots.  

 
Spot lead in Shanghai followed SHFE lead down on Thursday. Goods of Jinsha and Chengyuan both were traded at RMB 14,270/mt, a discount of RMB 130/mt over the most active SHFE lead contact. Traded prices were RMB 14,230-14,250/mt for Hanjiang, Mengzi, Dongling and Shuangyan, and RMB 14,160-14,180/mt for Humon. Cargo holders remained eager to sell, but downstream producers largely stayed on the sidelines, leaving trading depressed.   
 

SMM Lead Market Daily Review (2013-10-24)

Price Review & Forecast 09:03:49AM Oct 25, 2013 Source:SMM

SHANGHAI, Oct. 25 (SMM) – SHFE 1312 lead contract prices opened RMB 65/mt lower at RMB 14,400/mt and dip as low as RMB 14,330/mt Thursday. Later, the positive HSBC’s China manufacturing PMI failed to offer strong impetus to the market, with SHFE lead falling back to RMB 14,360/mt after a brief touch to RMB 14,400/mt. The most active SHFE lead contract rose marginally to end at RMB 14,390/mt helped by some buying support, down RMB 40/mt. Trading volumes contracted by 562 lots to 680 lots, and positions shed by 98 lots to 10,484 lots.  

 
Spot lead in Shanghai followed SHFE lead down on Thursday. Goods of Jinsha and Chengyuan both were traded at RMB 14,270/mt, a discount of RMB 130/mt over the most active SHFE lead contact. Traded prices were RMB 14,230-14,250/mt for Hanjiang, Mengzi, Dongling and Shuangyan, and RMB 14,160-14,180/mt for Humon. Cargo holders remained eager to sell, but downstream producers largely stayed on the sidelines, leaving trading depressed.