SHAGNHAI, Aug. 19 (SMM) -- On Thursday, SHFE 1110 lead contract prices opened slightly higher at RMB 16,650/mt, and then fell to RMB 16,625/mt, finding support at the 5-day moving average. Later, SHFE 1110 lead contract prices rebounded to RMB 16,765/mt, and inched down to the moving average in the afternoon tracking stocks markets, with prices finally closing at RMB 16,670/mt. Trading volumes increased by 176 lots to 1,574 lots, and total positions decreased by 202 lots to 4,454 lots.
In domestic spot markets, the brand Chihong Zn & Ge was initially quoted at RMB 16,200/mt, with discounts of negative RMB 420-470/mt against SHFE 1110 lead contract prices. Since SHFE lead prices leaped by RMB 100/mt at 10:30 am, prices of Chihong Zn & Ge brand were raised to RMB 16,300/mt, with discounts remaining unchanged. Other brands such as Jinguang were generally quoted at RMB 16,150/mt. Traders increased purchases due to optimistic speculations, causing transactions to improve. The well-known brand Chihong Zn & Ge was quoted at RMB 16,250/mt in the afternoon as SHFE lead prices fell, with transactions modest, and with prices for other brands remaining unchanged.