SMM Lead Market Daily Review (2015-9-29)

SHANGHAI, Sept. 30 (SMM) –SHFE 1511 lead contract prices opened at RMB 12,990/mt, with the low-end of the price range RMB 12,940/mt, and closed at RMB 13,085/mt, down RMB 120/mt. SHFE 1511 lead contract prices fluctuated between RMB 13,000-13,080/mt after opening on Tuesday, and soared to as high as RMB 13,170/mt as a large number of shorts closed positions, and closed at RMB 13,135/mt, down RMB 70/mt.

Prices of Chengyuan lead were RMB 13,370/mt, with spot discounts of RMB 320/mt against SHFE 1511 lead contract prices. Humon lead prices were RMB 13,350-13,360/mt. Only Humon moved goods yesterday. A large number of traders have left the market, leading to tight supply. Downstream buyers reduced purchases now that they had built stocks.