SHANGHAI, Dec. 7 (SMM) – On Tuesday, SHFE lead prices opened RMB 40/mt lower at RMB 15,600/mt and moved weakly between RMB 15,550-15,580/mt in the morning session. In the afternoon, SHFE lead prices edged up and moved around RMB 15,600/mt due to the rising domestic stocks. Prices finally closed at RMB 15,595/mt, down RMB 45/mt. Trading volumes decreased by 74 lots to 320 lots, and positions decreased by 92 lots to 2,314 lots.
In domestic spot market, domestic traders were intended to dump goods against the bearish outlook. Quotations for domestic well-known brands such as Nanfang, Chengyuan were around RMB 15,600/mt, but most transactions were done at RMB 15,550/mt as deals were hardly seen at higher prices. Traded prices for other brands such as Baiyin and Tianma were between RMB 15,450-15,490/mt. Downstream buyers continued to purchase as needed, leaving transactions modest.