SMM Brief on SHFE Lead Prices (2014-4-10)

SHANGHAI, Apr. 10 (SMM) – The most active SHFE 1405 lead contract price dipped at Wednesday's night to RMB 13,715/mt after starting at RMB 13,745/mt, and then pulled back to the RMB 13,720-13,725/mt range, aided by LME lead prices. The contract price closed RMB 5/mt at RMB 13,740/mt. During the night session, traded volumes were only 44 lots, and positions were off lots to 6,306 lots. China’s exports fell in March by 6.6% from a year ago, with a slower decline compared with February, but missed expectations for a 4% increase. Imports dropped by 11.3% from a year earlier, down sharply from February’s 10.1% rise. In response, SHFE lead prices fell back to end down RMB 45/mt at RMB 13,700/mt on Thursday. Traded volumes stood at 658 lots, while positions added 20 lots to 6,334 lots. Traded volumes were 2,130 lots, and positions gained 1,450 lots for the SHFE 1404 lead contract price.