SMM Brief on SHFE Lead Prices (2014-6-3)

SHANGHAI, Jun. 3 (SMM) – The most active SHFE 1407 lead contract started RMB 60/mt higher at RMB 14,045/mt Tuesday, boosted by a USD 30/mt rise in LME lead prices last Friday. LME lead prices fell afterwards, while HSBC’s China final manufacturing PMI for May was reported at 49.4, missing April’s figure and the estimated 49.7. In response, SHFE lead prices dipped as low as RMB 13,970/mt, but rebounded to 13,995/mt during the afternoon trading session before ending up RMB 15/mt at RMB 14,000/mt. Traded volumes totaled 504 lots, while positions lost 280 lots to 4,748 lots.