SMM Brief on SHFE Lead Prices (2014-4-9)

SHANGHAI, Apr. 9 (SMM) – The most active SHFE 1405 lead contract price started at RMB 13,720/mt, and then followed LME lead prices up to close up RMB 25/mt at RMB 13,750/mt during Tuesday’s night session. Traded volumes were 212 lots, while positions gained 58 lots to 6,494 lots. On Wednesday, SHFE lead prices rose as high as RMB 13,760/mt, facing resistance at the 10-day moving average, but pulled back at the tail of the trading to a low of RMB 13,735/mt. The metal finished up RMB 25/mt at RMB 13,750/mt. Traded volumes were 774 lots, and positions were off 122 lots to 6,314 lots. The most active SHFE lead contract price is expected to test resistance at the 20-day moving average in the near term, boosted by strength in physical lead prices.