SMM Lead Market Daily Review (2015-9-15)

SHANGHAI, Sept. 16 (SMM) – SHFE 1511 lead touched a low of RMB 13,145/mt after starting Monday evening session at RMB 13,175/mt, to close down RMB 60/mt at RMB 13,225/mt.

SHFE lead once moved higher to RMB 13,300/mt on Tuesday but then lurched down to RMB 13,205/mt due to a slump in Chinese stock market and stagnant sentiment in commodity market. The prices finally ended RMB 80/mt lower at RMB 13,205/mt. Trading volumes totaled 5,506 lots with shorts exiting market. Positions decreased 1,244 to 5,506.

On Tuesday, Nanfang brand was offered at RMB 13,370-13,390/mt, RMB 130/mt higher than SHFE 1511 lead, versus RMB 13,360-13,370/mt for Humon brand and RMB 13,350/mt for Shuanyan brand (packed in iron). Mengzi brand lead was RMB 10/mt below SHFE 1510 lead.

Shandong Humon Smelting shipped goods out and traders moved hedged goods out. Nonetheless, downstream buyers were not active in buying and waited for further price falls.