SMM Lead Market Daily Review (2015-4-9)

SHANGHAI, Apr. 10 (SMM) – SHFE 1506 lead contract prices opened at RMB 12,715/mt Wednesday evening, then inched up and closed at RMB 12,790/mt, up RMB 80/mt. Trading volumes were 1,606 lots, and total positions grew 210 to 14,620.

The June delivery lead held steady at RMB 12,740-12,770/mt after opening Thursday’s daytime trading and closed up RMB 100/mt at RMB 12,810/mt as longs opened positions at the tail of trading. Trading volumes were 6,694 lots, and positions rose by 1,762.

Chihong Zn & Ge offered prices at about RMB 12,840-12,850/mt, and goods of Nanfang and Chengyuan were quoted at RMB 12,750-12,760/mt, flat with SHFE 1506 copper contract prices. Lead smelters refrained from selling, and traders were also reluctant to sell as they found it hard to replenish stocks. Prices thus moved higher. But downstream buyers continued to purchase as needed. Prices in Henan were RMB 30-50/mt higher than SMM lead prices.