SMM Brief on SHFE Lead Prices (2014-3-18)

SHANGHAI, Mar. 18 (SMM) – Prices for the most active SHFE 1404 lead contract essentially hovered around RMB 13,575/mt after opening at RMB 13,570/mt, and closed up RMB 10/mt or 0.07% at RMB 13,565/mt in Monday’s night session. Trading volumes were only 8 lots, and positions were off merely 6 lots to 7,730 lots during the trading hours. Boosted by LME lead prices, SHFE 1404 lead contract prices rallied as high as RMB 13,645/mt after breaking above the 5-day moving average, and then stabilized around RMB 13,630/mt. The metal closed up RMB 55/mt or 0.41% at RMB 13,630/mt on Tuesday. Trading volumes shed 166 lots to 664 lots, while positions contracted 372 lots to 7,364 lots. SHFE 1404 lead contract prices have gradually found base support, but should remain volatile, with the lack of buying impetus.