Spot Transactions of Secondary Lead Did not Improve Significantly Despite Falling Lead Prices

SHANGHAI, Feb 7 (SMM) - Yesterday, SHFE 2303 lead contract fell rapidly after opening and then fell slowly and hovered sideways. SHFE 2303 lead contract closed at 15,205 yuan/mt at noon, down 0.46%, with the open interest declined 3,159 lots to 74,718 lots. The open interest of SHFE 2302 lead contract stood at 8,255 lots, up 10 lots.

In terms of the secondary lead spot market, the quotations of secondary lead smelters today were relatively few, but most of secondary lead smelters lowered their prices by 50 yuan/mt at the same time. And the overall discounts were 50 yuan/mt over SMM 1# lead ingots. Some smelters still mainly shipped long-term orders.