SMM Lead Market Daily Review (2015-10-9)

Published: Oct 10, 2015 08:59

Save

SHFE 1512 lead gapped lower at RMB 13,300/mt for night trading Thursday and then moved narrowly in RMB 13,280-13,325/mt.

SHANGHAI, Oct. 10 (SMM) – SHFE 1512 lead gapped lower at RMB 13,300/mt for night trading Thursday and then moved narrowly in RMB 13,280-13,325/mt. Finally, the contract closed down RMB 70/mt or 0.52%. Trading volumes decreased 1,876 to 498 lots with positions down 48 to 11,934.

SHFE lead lurched up to RMB 13,630/mt on Friday as Glencore’s announced to cut 500,000 mt of zinc and 100,000 mt of lead. The contract finally ended RMB 175/mt or 1.31% higher at RMB 13,550/mt. Trading volumes totaled 5,476 lots and positions grew 1,532 to 13,514 with longs entering market.

In Shanghai market, Nanfang brand traded RMB 110-140/mt higher than SHFE 1512 lead at RMB 13,520-13,550/mt with some transactions done at RMB 13,550/mt. Mengzi brand settled at RMB 13,520/mt and RMB 13,500-13,520/mt for Humon brand.

Hechi Nanfang Nonferrous Metals Group and Shandong Humon Smelting moved goods out but market supply was still tight. Downstream buying was curbed by stocks built by producers previously and a rise in SHFE lead prices. As a result, trading activities subdued.

SHFE lead price spot 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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

Fed Governor Milan Pushes for Over 100 Basis Points Cut, Contradicts Barkin on Caution

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.

4 hours ago

Democratic Senators Demand Delay in Fed Nomination Amid Criminal Investigation

All 11 Democratic members of the US Senate Banking Committee jointly sent a letter to the committee's chairman, Tim Scott, requesting that all nomination processes for the prospective Fed Chairman, Kevin Warsh, be postponed until the criminal investigation into current Fed Chairman Powell and other board members is concluded. However, Scott stated that Warsh's confirmation was a done deal.

4 hours ago

Fed to Keep Large Banks' Capital Levels Unchanged, Postpones Stress Test Reforms Until 2027

The US Fed has announced that it will maintain the capital levels of large banks unchanged during the upcoming stress test cycle (corresponding to the 2026 cycle). At the same time, the US Fed is planning multidimensional reforms to this annual test, aiming to enhance its transparency. The US Fed's Vice Chair for Supervision, Bowman, revealed that adjustments to the stress capital buffer requirements for large banks will be postponed until 2027. This move is intended to provide the US Fed with sufficient time to evaluate potential flaws that may be exposed in its testing models when assessing banks' financial conditions under simulated economic downturn scenarios.

4 hours ago