SMM Lead Market Daily Review (2014-10-24)

SHANGHAI, Oct. 27 (SMM) – Lead for December delivery on the Shanghai Futures Exchange, the most active contract, moved between RMB 13,635-13,675/mt during Thursday’s night session, and closed down RMB 5/mt at RMB 13,645/mt.

On Friday, SHFE lead found temporary support at the 5-day moving average, and ended up RMB 10/mt, or 0.07%, at RMB 13,660/mt. Trading volumes for the SHFE 1412 lead contract shrank 1,360 lots to 1,016 lots, and positions shed 178 lots to 9,078 lots.

Chihong Zn & Ge, Nanfang, and Humon brands in Shanghai traded last Friday at RMB 13,650-13,670/mt, on par with the most active SHFE 1412 lead contract. The market remained oversupplied even though lead smelters slowed sales. Traders moved goods actively, but downstream producers bought only to need in light volumes, leaving trading activity light. Traded prices were largely RMB 13,600-13,660/mt in Henan last Friday.