SHAGNHAI, Aug. 3 (SMM) -- On Tuesday, SHFE lead prices opened lower at RMB 17,450/mt, then fell along with dropping stocks, with prices generally moving below the moving average. SHFE lead prices fluctuated shortly as of 10:00 am, but then trended downward in tandem with falling LME lead prices. In the afternoon, SHFE lead prices fluctuated between RMB 17,160-17,240/mt, and further plunged to RMB 17,075/mt, finding support at the 60-day moving average, and with prices finally closing at RMB 17,190/mt, down RMB 365/mt. Trading volumes increased by 332 lots to 1,648 lots, and total positions decreased by 162 lots to 5,802 lots.
As SHFE lead prices opened lower, spot lead ingot prices fell RMB 150/mt from the previous day. The well-known brand Chihong Zn & Ge was quoted between RMB 16,900-16,950/mt, with discounts narrowing to negative RMB 350-400/mt against SHFE 1109 lead contract prices. Other brands such as Jinguan were quoted between RMB 16,800-16,850/mt. In the afternoon, offers for Chihong, Nanfang and Yuguang brands were between RMB 16,800-16,850/mt as spot lead prices fell along with SHFE lead prices, and other brands were quoted between RMB 16,720-16,750/mt. Traders were moving goods actively due to falling SHFE lead prices, while downstream buyers were cautious, leaving transactions muted.
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