SHAGNHAI, Sept. 29 (SMM) -- On Wednesday, SHFE 1111 lead contract prices opened slightly higher at RMB 14,630/mt, following LME lead prices overnight, and then continued to fluctuate. In the afternoon, SHFE lead prices dipped to RMB 14,250/mt, dragged down by Shanghai Composite Index, but gained back previous losses to close at RMB 14,505/mt, up RMB 120/mt. Trading volumes decreased by 738 lots to 1,622 lots, and total positions decreased by 240 lots to 2,912 lots.
In domestic spot markets, well-known brands such as Nanfang and Chengyuan were quoted between RMB 14,400-14,450/mt, close to SHFE 1111 lead contract prices. In the afternoon, spot prices still followed SHFE lead prices, but were RMB 20/mt higher than SHFE lead prices 20 minutes before the end of the trading, causing downstream buyers to increase purchases. But smelters were unwilling to sell goods.