SHANGHAI, Dec. 15 (SMM) – On Wednesday, SHFE lead prices opened lower at RMB 15,490/mt with pressure at the 20-day moving average, and then moved between RMB 15,340-15,370/mt. In the afternoon, SHFE lead prices maintained downward trend and dipped to RMB 15,255/mt at the tail of trading due to the drop in both Chinese stocks and LME lead prices, but gained support at the 60-day moving average, with prices finally closing at RMB 15,320/mt, down RMB 200/mt, or 1.3%. Trading volumes increased by 444 lots to 688 lots, and positions decreased by 306 lots to 1,536 lots.
In domestic spot markets, quotations for domestic well-known brands such as Nanfang, Chihong Zn & Ge were between RMB 15,380-15,400/mt, down RMB 100/mt from the previous trading day, with premiums against the most active SHFE lead contract prices of RMB 30/mt. Other brands such as Hexing were quoted at RMB 15,350-15,360/mt. Downstream buyers were actively buying goods due to lower prices, and some traders were also willing to purchase for stock, but smelters were not selling goods in large amounts. Transactions improved on the whole.