SHAGNHAI, Nov. 10 (SMM) -- On Wednesday, SHFE lead prices opened RMB 100/mt higher at RMB 15,450/mt. As China's CCI and PPI for October dropped sharply, in line with market speculations, SHFE lead prices fluctuated between RMB 15,400-15,480/mt during the day, finding support at the 5-day and 10-day moving average. Finally, SHFE lead prices closed at RMB 15,425/mt, up RMB 90/mt. Trading volumes decreased by 20 lots to 314 lots, while total position only increased by 2 lots to 1,908 lots.
In domestic spot markets, well-known brands were quoted close to SHFE three-month lead contract prices. The brands Nanfang, Chihong Zn & Ge and Chengyuan were traded between RMB 15,420-15,450/mt, while other brands such as Hanjiang was quoted around RMB 15,400/mt. Smelters moved goods for long-term contracts, while downstream buyers were more cautious due to shrinking profits as prices for batteries used in electric bicycles were cut, leaving transactions quiet.