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SMM Lead Market Daily Review (2014-3-13)
Mar 14,2014 08:36CST
price review forecast
Source:SMM
Boosted by LME lead prices, SHFE lead prices rose to as high as RMB 13,675/mt after starting at RMB 13,645/mt, and ended down RMB 10/mt at RMB 13,630/mt in Wednesday’s night trading session.

SHANGHAI, Mar. 14 (SMM) – Boosted by LME lead prices, SHFE lead prices rose to as high as RMB 13,675/mt after starting at RMB 13,645/mt, and ended down RMB 10/mt at RMB 13,630/mt in Wednesday’s night trading session. During the night session, trading volumes were only 22 lots, while positions were off 10 lots to 9,428 lots. China’s industrial output rose by 8.6% YoY in January and February, hitting a new four-year low. Fixed asset and property development investment growth slowed down YoY during the same period. In response, SHFE lead prices trended lower to finish down RMB 90/mt at an intraday low of RMB 13,550/mt, with increasing number of longs liquidating positions. Trading volumes were 1,372 lots, and positions fell 754 lots to 8,684 lots on Thursday.

In the Shanghai physical lead market, goods from Chihong Zn & Ge were offered on Thursday at RMB 13,720/mt, a premium of around RMB 100/mt over the most active SHFE lead contract. Traded prices were RMB 13,700-13,710/mt for Tongguan and Chengyuan resources, RMB13670-13680/mt for Yubei and Humon goods, and RMB 13,600/mt for Shuangyan supply. Mostly traded lead supply was from Humon and Yubei in the market. Lead smelters remained disinclined to move goods, while traders were also reluctant to trade in a bearish view towards lead prices, causing relatively tight supply of lead ingot. Downstream producers stayed out of the market, with trading activity rather light on Thursday.
 

SHFE lead prices
spot lead prices

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