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Shanghai
[China]
Posted on : Jun 04, 2013

According to the latest SMM survey concerning lead price trends this week, industry insiders believe lead prices will keep vacillating or stage a slight rebound this week.


SHFE 1307 lead contract price started higher at RMB 14,060/mt boosted by the rising LME lead prices last Friday, and moved between RMB 14,030-14,060/mt. Prices gained buying support at RMB 14,050/mt and rose before closing at RMB 14,090/mt, up RMB 85/mt. Trading volumes fell 88 lots to 120 lots, and positions increased 12 lots to 2,104 lots.


Of the market players contacted by SMM, 60% believe LME lead prices will unlikely maintain the strong trend this week following last week’s 6% surge, and may hover around USD 2,200/mt. SHFE 1307 lead contract price will test RMB 14,000/mt and spot lead prices may remain below RMB 14,000/mt. The remaining 40% industry insiders are relatively upbeat, noting that LME lead inventories have fallen about 30,000 mt since May to the 219,000 mt at present, with canceled warrant ratio soaring to 77%, while the USD 8/mt spot discount for LME lead also turned to a premium of USD 6/mt.


 


Source:- Metal.com

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