SHANGHAI, Apr 24 (SMM) – Last week, LME lead opened at $2,163/mt. At the beginning of the week, the US dollar strengthened due to expectations of Fed interest rate hikes, and LME lead dropped to $2,097/mt. In the second half of the week, LME lead edged up on stable market sentiment, rising to $2,171.5/mt during European trading hours last Friday, an increase of about 0.91% within the week.
Last week, SHFE 2306 lead contract became the most active contract. The contract opened at 15,340 yuan/mt last week and closed at 15,290 yuan/mt, up 0.07% during the week.
In the spot market, the SMM #1 lead prices edged up and moved between 15,225-15,275 yuan/mt last week. Positive macro environment helped lead futures prices strengthen, with spot prices climbing slightly. The enthusiasm of smelters and traders in selling picked up, and spot discounts widened slightly in the middle of the week.
Last week, smelters in Henan quoted with a discount of 150-100 yuan/mt against the SHFE 2305 lead contract. The supply of refined lead in Hunan was relatively tight, and famous brands lead smelters basically quoted SMM #1 lead prices. Small factories offering lead with slightly higher bismuth content quoted with discounts of 60-20 yuan/mt against SMM #1 lead prices. The spot discounts in Yunnan expanded to 350-330 yuan/mt amid rising SHFE lead prices.
