SMM Lead Market Daily Review (2015-5-13)

Published: May 14, 2015 08:58

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SHFE 1507 lead opened at RMB 13,445/mt Tuesday night and then moved higher to finish at RMB 13,510/mt.

SHANGHAI, May 13 (SMM) - SHFE 1507 lead opened at RMB 13,445/mt Tuesday night and then moved higher to finish at RMB 13,510/mt. The contract moved around RMB 13,500/mt Wednesday morning. The metal moved above the 20-day moving average in the afternoon as China’s April manufacturing output grew 5.9% YoY, up 0.3 percentage point MoM and as April new home sales area climbed 7% versus April 2014, the first rise since early 2014. The July-delivery lead hit day’s high of RMB 13,675/mt and was last up RMB 345/mt or 1.83% at RMB 13,620/mt. Trading volumes dropped 104 to 6,946 lots and positions fell 294 to 15,334.

In spot market, quotes were RMB 13,800-13,830/mt for Tongguan and Nanfang brands, with RMB 300-330/mt premiums over SHFE 1507 lead contract price. Honglu brand traded at RMB 13,500/mt. A small number of Tongguan and Nanfang goods flowed into market. Meanwhile, cargo holders refrained from selling, causing a tight supply in spot market. Downstream producers purchase on need and high spot premium enticed them to mainly buy under term contract.

SHFE 1507 lead lead price

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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