SHANGHAI, Aug. 22 (SMM) – Last week, SHFE 1110 lead, the most active contract, fluctuated in the RMB 16,400-16,800/mt range. On Tuesday, SHFE lead prices fell by RMB 280/mt after China’s Central Bank issued bills with higher yields. In mid-week, SHFE lead market recouped some previous losses, but still lacked upward momentum. This week, SHFE lead prices are expected to move between RMB 16,200-17,000/mt
In the domestic spot markets, prices moved in the RMB 16,050-16,350/mt range. Early in the week, spot prices rallied near RMB 16,300/mt with rising LME lead prices, but fell back on Tuesday to RMB 16,050-16,150/mt due to weak futures market prices. Spot prices later rebounded to RMB 16,300/mt, but slid back to RMB 16,050-16,250/mt on Friday due to falling LME lead prices, with spot discounts over SHFE 1110 lead contract between negative RMB 350-400/mt. Spot lead prices will fluctuate in the RMB 16,000-16,400/mt range this week, but may fall below RMB 16,000/mt.