SMM Brief on SHFE Lead Prices (2014-7-1)

SHANGHAI, Jul. 1 (SMM) – Prices for the most active SHFE 1408 lead contract tracked LME lead prices up to RMB 14,150/mt after starting Monday’s night session at RMB 14,090/mt, and ended up RMB 20/mt at RMB 14,125/mt. During the night session, trading volumes for the most active contract totaled only 20 lots, while positions shed 16 lots to 6,828 lots.

On Tuesday, SHFE lead prices followed LME lead prices down to around RMB 14,085/mt, and finished down RMB 5/mt, or 0.04%, at RMB 14100/mt. Trading volumes shed 874 lots to 668 lots, while positions lost 76 lots to 6,768 lots. Investors remained cautious on Tuesday before the release of US June ADP jobs report and nonfarm payroll figures. SHFE lead prices should continue to trade in ranges in the near term, with mixed technical indicators.