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SMM Lead Market Daily Review (2014-3-5)
Mar 6,2014 08:54CST
price review forecast
Source:SMM
SHFE lead prices started at RMB 13,895/mt in Tuesday’s night session, and then closed up RMB 115/mt to a high of RMB 13,925/mt, pushed up by easing tensions in Ukraine and rising LME lead prices.

SHANGHAI, Mar. 6 (SMM) – SHFE lead prices started at RMB 13,895/mt in Tuesday’s night session, and then closed up RMB 115/mt to a high of RMB 13,925/mt, pushed up by easing tensions in Ukraine and rising LME lead prices. During the night session, trading volumes were 280 lots, and positions were off 2 lots to 9,326 lots. SHFE lead prices hovered mostly around RMB 13,900/mt in the morning trading session, and reached as high as RMB 13,970/mt at the tail of the trading due to stronger buying support. The metal finally ended up RMB 115/mt at RMB 13,925/mt on Wednesday. Trading volumes rose to 1,836 lots, and positions gained 232 lots to 9,560 lots. SHFE lead prices have risen above the 5-day moving average, and look set to rebound to the range of RMB 13,850-14,000/mt.

In the Shanghai physical lead market, warrants of Chihong Zn & Ge and Yubei traded Wednesday at RMB 13,800/mt, a discount of RMB 90/mt over the most active SHFE lead contract. Humon resources were sold at RMB 13,780/mt. Less supply from lead smelters and widening gap between spot lead and SHFE lead prices restrained outflows of warrant supply, with a significant drop in quotations. Downstream producers remained bearish on lead prices, and mostly stayed on the sidelines after lead prices climbed, leaving transactions light on Wednesday.

 

SHFE lead prices
spot lead prices

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