SHAGNHAI, Sept. 2 (SMM) -- On Thursday, SHFE lead prices rose to RMB 16,990/mt after opening, meeting resistance at the RMB 17,000/mt level, and then fell to RMB 16,910-16,960/mt. In the afternoon, SHFE lead prices inched down as domestic stocks fell, finding support at the 10-day moving average, with prices finally closing at RMB 16,785/mt, down RMB 170/mt. Trading volumes decreased by 16 lots to 1,150 lots, and total positions decreased by 172 lots to 3,962 lots.
In domestic spot markets, spot discounts remained between negative RMB 450-500/mt against SHFE 1110 lead contract prices. Traded prices for well-known brands such as Nanfang and Chihong Zn & Ge were around RMB 16,500/mt, while other brands were quoted around RMB 16,400/mt. Dragged down by SHFE lead prices, well-known brands were generally quoted between RMB 16,450-16,480/mt in the afternoon. The market was cautious ahead of US non-farm employment data to be released this Friday, leaving transactions lackluster.