SHAGNHAI, Oct. 21 (SMM) -- On Thursday, SHFE 1112 lead contract prices opened lower at RMB 13,710/mt, fluctuating around the moving average in the morning session. In the afternoon, SHFE lead prices fluctuated between RMB 13,750-13,850/mt, dragged down by LME lead prices, and closed at RMB 13,850/mt, down RMB 620/mt, or down 4.28%. Trading volumes increased by 644 lots to 1,524 lots, and total positions increased by 234 lots to 2,254 lots.
In domestic spot markets, the brand Chihong Zn & Ge was quoted at RMB 14,320/mt, but with transactions quiet. Other brands such as Nanfang, Chengyuan and Yubei were quoted between RMB 14,000-14,100/mt, with premiums of RMB 100-120/mt against SHFE 1111 lead contract prices, and quotations of the Gejiu brand were rarely reported. Traders were actively selling goods to generate cash due to pessimism, while downstream buyers purchased on an as-needed basis, leaving transactions muted.