SHAGNHAI, Aug. 29 (SMM) -- Last Friday, SHFE 1110 lead contract prices opened slightly higher at RMB 16,855/mt, and plummeted to RMB 16,720/mt as of 10:00 am due to pending announcement of QE3. At the end of trading, SHFE 1110 lead contract prices rallied to close at RMB 16,760/mt, down RMB 20/mt. Trading volumes decreased by 314 lots to 650 lots, and total positions decreased by 36 lots to 4,132 lots.
In domestic spot markets, well-known brands such as Nanfang, Chihong Zn & Ge and Shuangyan were quoted between RMB 16,250-16,300/mt, with discounts expanding to negative RMB 450-500/mt against SHFE 1110 lead contract prices. Unknown brands were rarely found in the market. A large number of traders purchased the Shuangyan brand at RMB 16,250/mt, with transactions quiet ahead of the weekend.