SHANGHAI, Jul. 28 (SMM) – On Wednesday, SHFE lead prices opened higher at RMB 17,670/mt, and then fluctuated around daily moving averages. In the afternoon, SHFE lead prices were pushed up to RMB 17,700/mt due to rising LME lead prices, and climbed further to RMB 17,835/mt, a three-month high, as a result of strong buying activities. Finally, SHFE lead prices fell slightly at the end of trading, closing at RMB 17,770/mt, up RMB 135/mt. Trading volumes were 2,620 lots, up 798 lots; positions were 7,196 lots, down 764 lots. SHFE announced margins for lead futures trading to be 8% in the future, in order to encourage transactions.
In China’s domestic lead spot markets, offers for well-known branded lead were RMB 17,200-17,250/mt, with spot discounts at RMB 450-500/mt, while other brands such as Baiyin and Jinguan etc. were quoted at RMB 17,100-17,120/mt. Transactions were limited due to the high prices, so traders cut offers to RMB 17,150-17,180/mt for well-known brands and RMB 17,050-17,070/mt for unknown brands, but failed to stimulate transactions. In the afternoon, spot prices moved higher along with rising SHFE lead prices, with some traders quoting at RMB 17,300/mt, but high-priced transactions remained low. Later, well-known branded lead prices were RMB 17,220-17,250/mt, and unknown brands prices were up to above RMB 17,100/mt, causing stronger wait-and-see sentiment in the market, and transactions remained quiet.
Copyright © SMM. All Rights Reserved
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: firstname.lastname@example.org