SHANGHAI, Jan. 7 (SMM) -- SMM lifted lead prices by RMB 200/mt to RMB 16,250-16,550/mt on Wednesday, with no prices below RMB 16,000/mt heard in the Shanghai lead market. Traded prices were generally in the RMB 16,300-16,400/mt range, led by strong prices of well-known branded products, and with trades largely done by traders. The actual traded prices soared by RMB 500/mt from a day earlier, and market confidence picked up. Market long positions drove up prices, despite of little downstream acceptance. LME lead prices have rallied to closer to LME zinc prices, while the price spread between lead and zinc prices in the Shanghai market is still around RMB 4,700/mt, leaving upward room to catch up.
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