SHAGNHAI, Aug. 5 (SMM) -- On Thursday, SHFE lead prices opened lower at RMB 17,080/mt, and once surged to RMB 17,095/mt but met resistance at the 60-day moving average. Later, SHFE lead prices fell to the moving average, and plummeted to RMB 16,870/mt at 10:00 am, the lowest level since June 28. In the afternoon, SHFE lead prices stabilized between RMB 16,920-16,970/mt, with prices finally closing at RMB 16,920/mt, down RMB 170/mt, or down 0.99%. Total positions decreased by 248 lots to 5,202 lots, and trading volumes decreased by 350 lots to 692 lots.
SHFE lead prices opened low and moved lower. In domestic spot markets, well-known brands of spot lead such as Nanfang were quoted around RMB 16,650/mt, with discounts of negative RMB 300-380/mt against SHFE 1109 lead contract prices. Other brands such as Jinguan and Baiyin were quoted between RMB 16,520-16,600/mt. In the afternoon, prices of Nanfang brand fell to RMB 16,600/mt, keeping smelters out of the market. Downstream buyers were cautious, leaving transactions still quiet.
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