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SMM Lead Market Daily Review (2013-4-26)

Release time:2013-04-29

Apr 27, 2013 01:56 GMT   Source:SMM

Summary:SHFE 1306 lead contract price opened higher at RMB 13,945/mt as expected on Friday and soon rallied to RMB 13,990/mt.

 

SHANGHAI, Apr. 27 (SMM) – SHFE 1306 lead contract price opened higher at RMB 13,945/mt as expected on Friday and soon rallied to RMB 13,990/mt, but resistance at RMB 14,000/mt was evident. Later, as the Shanghai Composite Index fluctuated down and as spot lead demand was weak, SHFE lead fell to move around RMB 13,850/mt and closed the day at RMB 13,875/mt. Traded volumes increased 94 lots to 188 lots, while positions increased 38 lots to 2,146 lots. 
 
SHFE lead prices fell after opening higher on Friday, and cargo holders in China’s spot lead markets were reluctant to sell goods. Trading for spot lead was quiet and quotations were rare with many market players exiting the market ahead of the May Day holiday. Jinli, Wanyang, and Jinsha were quoted at RMB 13,780-13,800/mt in Wuxi, level with the SHFE 1305 lead contract price. Downstream buyers have completed pre-holiday replenishments and only watched on the sidelines.