SMM Brief on SHFE Lead Prices (2014-3-20)

SHANGHAI, Mar. 20 (SMM) – The most active SHFE 1405 lead contract prices dipped to RMB 13,660/mt after starting at RMB 13,680/mt, but later followed LME lead prices up to around RMB 13,750/mt in Wednesday’s night session. The contract prices closed up RMB 30/mt at RMB 13,755/mt. During the trading hours, trading volumes rose to 136 lots, while positions shrunk 44 lots to 7,114 lots. SHFE 1405 lead contract prices fell slightly to RMB 13,755/mt after advancing to the RMB 13,800/mt mark, and finished up RMB 20/mt, or 0.15%, at RMB 13,745/mt on Thursday. Trading volumes shed 276 lots to 714 lots, and positions added 102 lots to 7,260 lots. Lead smelters were reluctant to move goods against shortages of lead concentrates in China, lending some support to SHFE lead prices.