#1 Lead Price Movement in Shanghai Market (2013-11-12)

SHANGHAI, Nov. 12 (SMM) – In China’s spot lead market, quoted prices varied on the back of slumping SHFE lead prices. Goods of Chihong Zn & Ge, Nanfang and Chengyuan were lowered increasingly from RMB 14,100/mt and later mostly traded at RMB 14,060/mt, a discount of RMB 70/mt over the most active SHFE lead prices. Resources of Yubei, Yuguang and Tongguan were offered at a premium of RMB 10/mt over the SHFE 1311 lead contract prices, but in light trading volumes. Humon were sold between RMB 14,060-14,070/mt. Cargo holders moved goods aggressively, but downstream producers were reluctant to purchase on expectations that spot lead prices will fall in the future following a steep drop in lead prices.