SMM Brief on SHFE Lead Prices (2014-3-28)

SHANGHAI, Mar. 28 (SMM) – The most active SHFE 1405 lead contract prices essentially hovered around RMB 13,755/mt after starting at RMB 13,745/mt, and finished down RMB 5/mt, or 0.04%, at RMB 13,760/mt during Thursday’s night session. During the trading hours, trading volumes were only 16 lots, while positions shed 2 lots to 7,282 lots. On Friday, SHFE lead prices followed LME lead prices up to a high of RMB 13,845/mt after breaking above the RMB 13,800/mt mark, and ended up RMB 60/mt, or 0.44%, at RMB 13,825/mt. Trading volumes contracted 412 lots to 452 lots, and positions shrunk 26 lots to 7,258 lots. SHFE lead prices are expected to test resistance at RMB 13,900/mt with upbeat technical indicators.