SHANGHAI, Jan. 11 (SMM) – SHFE 1203 lead contract prices fluctuated narrowly between RMB 15,120-15,170/mt after opening at RMB 15,200/mt on Tuesday. In the afternoon, influenced by the hike in Chinese domestic stocks and LME lead prices, SHFE lead prices rose from RMB 15,150/mt to RMB 15,330/mt, but met resistance at the 30-day moving average. Prices finally closed at RMB 15,275/mt, up RMB 95/mt. Trading volumes decreased by 200 lots to 364 lots, and positions increased by 170 lots to 1,452 lots.
In domestic spot markets, traded prices for well-known brands such as Nanfang, Chihong Zn & Ge, were between RMB 15,220-15,230/mt, with premiums of RMB 70/mt over SHFE 1203 lead contract prices. Other brands including Tianma were traded at RMB 15,150/mt. In the afternoon, SHFE lead prices rose significantly, but increases in spot prices were limited. Transactions were modest and buyers were not actively building stocks ahead of holiday.