SMM Lead Market Daily Review (2014-10-23)

SHANGHAI, Oct. 24 (SMM) – Lead for December delivery on the Shanghai Futures Exchange, the most active contract, fluctuated between RMB 13,615-13,675/mt during Wednesday’s night session after opening at RMB 13,670/mt, and ended flat at RMB 13,635/mt.

SHFE lead hovered largely between the 5-day and 10-day moving averages on Thursday, with positions down by 626 lots. Total trading volumes shed by 1,352 lots.

Chihong Zn & Ge, Nanfang, Chengyuan, and Shuangyan brands in Shanghai traded Thursday at RMB 13,650-13,670/mt, a RMB 20/mt premium to the most active SHFE 1412 lead contract. Humon brand was sold at RMB 13,640-13,650/mt. Lead smelters rushed to sell at the end of October, but downstream producers were reluctant to buy with remaining stocks, leaving supply to grow. Trading activity was quiet on Thursday.