SMM Lead Market Daily Review (2015-2-25)

SHANGHAI, Feb. 26 (SMM) – Lead for April delivery on the Shanghai Futures Exchange fell a total of USD 65.5/mt during the Chinese New Year holiday.

SHFE lead started lower at RMB 12,195/mt and then rose near to RMB 12,300/mt before ending down RMB 230/mt, or 1.84% at RMB 12,290/mt. Trading volumes for the most active contract added 652 lots to 2,286 lots, while positions added 178 to 15,042.

Supplies from Chihong, Nanfang and Chengyuan were quoted at a RMB 100/mt premium to the most active SHFE 1504 lead contract and a RMB 40-50/mt premium to the SHFE 1503 lead contract, and traded slightly at RMB 12,420-12,440/mt in Shanghai on Wednesday. Humon was offered at RMB 12,400/mt, but no transactions were reported. Few battery producers resumed production, while some smelters sold modestly. Traders remained closed.