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SMM Lead Market Daily Review (2014-3-6)
Mar 7,2014 08:55CST
price review forecast
Source:SMM
The most active SHFE 1404 lead contract hovered around RMB 13,920/mt after starting at RMB 13,890/mt, and finished up RMB 10/mt or 0.07% at RMB 13,920/mt at Wednesday’s night session.

SHANGHAI, Mar. 7 (SMM) – The most active SHFE 1404 lead contract hovered around RMB 13,920/mt after starting at RMB 13,890/mt, and finished up RMB 10/mt or 0.07% at RMB 13,920/mt at Wednesday’s night session. During the night session, trading volumes were only 36 lots, and positions gained by only 18 lots to 9,578 lots. Dragged down by a fall in LME lead prices, SHFE lead prices broke below the RMB 13,800/mt mark, and fell to a fresh yearly low of RMB 13,710/mt at the tail of the trading. The metal closed down RMB 135/mt or 0.97% at RMB 13,775/mt. Trading volumes contracted 146 lots to 1,690 lots, and positions gained 454 lots to 10,014 lots. Given bearish technical indicators, SHFE lead prices should test support at RMB 13,700/mt.

Chihong Zn & Ge and Yubei warrants traded at RMB 13,780/mt in Shanghai, and later were sold at RMB 13,760/mt with discounts of around RMB 70/mt over the most active SHFE lead contract on Thursday after SHFE lead prices fell. Humon resources traded at RMB 13,760/mt. Following a fall in lead prices, lead smelters were less active in moving goods, and traders were also disinclined to trade. Downstream producers stayed on the sidelines, leaving transactions light on Thursday.
 

SHFE lead prices
spot lead prices

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