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SMM Lead Market Daily Review (2013-11-14)
Nov 15, 2013 08:54Source:SMM
On November 14, SHFE 1401 lead contract became the most active one and started at RMB 14,090/mt.
SHANGHAI, Nov. 15 (SMM) – On November 14, SHFE 1401 lead contract became the most active one and started at RMB 14,090/mt. SHFE lead for January delivery then rallied to RMB 14,150/mt with LME lead leveling out, but only hovered at RMB 14,095-14,125/mt for the rest of the day given a lack of market confidence and resistance at several moving averages. The prices finally ended at RMB 14,120/mt, up RMB 55/mt or 0.39%. Traded volumes increased by 874 lots to 1,746 lots, while positions were up 586 lots to 9,446 lots.
Spot lead prices in China held steady after SHFE lead prices rose. Goods of Chihong Zn & Ge was sold at RMB 14,000/mt, with a discount of RMB 110/mt against SHFE 1401 lead contract prices. Prices for Nanfang were RMB 13,970-13,980/mt, up about RMB 20-30/mt from Wednesday. Humon quoted at RMB 13,970/mt, while Qinyuan’s resources were offered at RMB 13,950/mt. Smelters were less willing to sell at prices below RMB 14,000/mt, but purchases by downstream consumers improved slightly.
SHFE lead
spot lead prices
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