SHAGNHAI, Aug. 26 (SMM) -- On Thursday, SHFE 1110 lead contract prices opened slightly higher at RMB 16,725/mt and soon dipped to RMB 16,685/mt, with prices fluctuating between RMB 16,720-16,770/mt later the day. At the end of trading, SHFE 1110 lead contract prices found support at RMB 16,750/mt, and finally closed at RMB 16,780/mt, up RMB 90/mt. Trading volumes increased by 160 lots to 964 lots, while total positions decreased by 114 lots to 4,168 lots.
In domestic spot markets, well-known brands such as Nanfang and Chihong Zn & Ge were quoted around RMB 16,300/mt, with discounts of negative RMB 400-450/mt against SHFE 1110 lead contract prices. Other brands such as Jinli and Hanjiang were quoted around RMB 16,250/mt. The market was cautious due to the pending QE3 by the US Fed, keeping transactions muted. As SHFE lead prices rose in the afternoon, spot lead prices were lifted by RMB 50/mt, but with downstream buying interest low.