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Lead-SHMET Spot Market Briefing20150831

Date 8/31/2015 2:13:28 PM Source: shmet
Aug.31,2015(SHMET)--

Shanghai spot lead was quoted at 13330-13450 rmbs per ton, down 20 from yesterday with a back of 10-130 rmbs per ton. LME lead extended gain on Friday to trade above 1700 dollars again after Chinese equity market went up for the second day further assured investors the stability of Chinese economy. Trading was almost flat in Asia with price moving in tight range under 1700 dollars before dipping to 1671 dollars where bargain hunters stepped in and saw price up. Sentiment was then boosted again by the US consumer purchases which climbed in July and incomes grew giving hopes to the traders that the slack in China might be compensated by US recovery. SHFE lead remained volatile as the fundamental changed little. The market participants looked cautious before a series of data are released. Suggest for SHFE 1510 contract remained on the sidelines for the time being. In domestic physical market, Hengbang was quoted at 13380-13400 rmbs per ton. The supply increased as the backwardation narrowed even to contango. The traders had small volume of purchase, but downstream were still impacted by the fear down concerns. Overall trading was limited this morning.

Edited by SHMET