SMM Brief on SHFE Lead Prices (2014-3-12)

SHANGHAI, Mar. 12 (SMM) – Dragged down by LME lead prices, the most active SHFE 1404 lead contract sank to RMB 13,705/mt after starting at RMB 13,710/mt, and ended down RMB 50/mt or 0.36% at RMB 13,710/mt in Tuesday’s night trading session. During the night session, trading volumes were only 52 lots, and positions were off 18 lots to 10,160 lots. SHFE 1404 lead contract prices stabilized at RMB 13,645/mt after dipping to RMB 13,595/mt due to a large number of short investors liquidating positions. The contract prices finished down RMB 105/mt or 0.76% at RMB 13,655/mt. Trading volumes gained 512 lots to 1,436 lots, and positions shed 740 lots to 9,438 lots. The most active SHFE lead contract has found some support at RMB 13,600/mt on Wednesday, with technical indicators in positive territory.