SHANGHAI, Nov.24 (SMM) – SHFE lead prices opened slightly higher at RMB 15,445/mt on Wednesday, boosted by rising LME lead prices, and then hit as high as RMB 15,450/mt. Later in the day, as the latest HSBC PMI data hit a 32-month low, market confidence was depressed. As a result, SHFE lead prices fell but gained support at the 10-day moving average and closed at RMB 15,240/mt, down RMB 110/mt. Trading volumes decreased by 32 lots to 480 lots, and positions increased by 50 lots to 2,154 lots.
In domestic spot markets, quotations for domestic well-known brands such as Nanfang, Chinhong Zn & Ge and Chengyuan were between RMB 15,380-15,400/mt, with premiums against SHFE 1201 lead contract prices of RMB 50/mt. Quotations for other brands such as Baiyin and Tongfu were between RMB 15,340-15,360/mt. In the afternoon, spot lead prices dropped about RMB 50/mt due to falling SHFE lead prices, with branded lead traded at RMB 15,300-15,330/mt, and others traded around RMB 15,260/mt. Traders were more willing to move goods, but downstream buyers only purchased on an as-needed basis with wait-and-see attitude. Transactions did not improve.