SMM Brief on SHFE Lead Prices (2014-3-19)

SHANGHAI, Mar. 19 (SMM) – The most active SHFE 1404 lead contract prices rose slightly to RMB 13,715/mt after opening at RMB 13,640/mt, boosted by LME lead prices, and finished up RMB 25/mt or 0.18% at RMB 13,635/mt in Tuesday’s night session. During the trading hours, trading volumes were only 28 lots, while positions were off merely 2 lots. SHFE 1405 lead contract became the most active contract to start at RMB 13,720/mt on Wednesday, and then hovered between RMB 13,715-13,740/mt. The contract later touched a high of RMB 13,745/mt, and ended up RMB 45/mt or 0.33% at RMB 13,745/mt. Trading volumes gained 302 lots to 990 lots, and positions shed 6 lots to 7,158 lots. SHFE lead prices encountered resistance at the 10-day moving average, but have found strong base support at RMB 13,670/mt on Wednesday.