SHAGNHAI, Aug. 11 (SMM) -- On Wednesday, SHFE 1110 lead contract prices opened higher at RMB 16,300/mt, then fell to fluctuate around RMB 16,000/mt. In the afternoon, SHFE lead prices touched RMB 16,605/mt, tracking LME lead prices, with prices finally closing at RMB 16,480/mt, up RMB 455/mt, or up 2.84%. Trading volumes decreased by 1,516 lots to 3,344 lots, while total positions increased by 156 lots to 4,614 lots.
SHFE lead prices opened higher and moved around RMB 16,000/mt, boosting spot lead prices to rise RMB 250/mt. Well-known brands such as Nanfang and Chihong Zn & Ge were quoted at RMB 15,930/mt, with discounts of RMB 250-300/mt against SHFE 1109 lead contract prices. Other brands such as Baiyin were generally quoted between RMB 15,900-15920/mt. Traders began to stand on the sidelines as SHFE lead prices moved lower, leaving transactions quiet in the morning session. In the afternoon, spot lead prices rose along with SHFE lead prices. Well-known brands such as Chihong Zn & Ge, Nanfang, Shuikoushan and Chengyuan were traders between RMB 16,100-16,150/mt, while other brands were traded between RMB 15,950-16,000/mt. Goods supply available in the market decreased at lower prices, while market players increased purchases as lead prices stabilized, causing transactions to improve. The Gejiu brand was modestly available in the market, with prices quoted between RMB 15,830-15,850/mt, and was sold out soon.
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