SHANGHAI, Jan. 18 (SMM) – SHFE lead prices opened RMB 60/mt higher at RMB 15,480/mt on Tuesday and fluctuated widely between RMB 15,470-15,580/mt. After 10: 00 a.m., China’s GDP growth for 4Q was reported above expectations, boosting market sentiment. Thus, SHFE lead prices surged to RMB 15,700/mt along with the rising domestic stocks, and finally closed at RMB 15,630/mt, up RMB 210/mt, or 1.36%. Trading volumes decreased by 2 lots to 366 lots, and positions decreased by 52 lots to 1,982 lots.
During the last three trading days ahead of the Chinese New Year, most sellers and buyers in domestic lead markets begin the holidays. Spot market in Shanghai was rather quiet, with only quotations for Guantong lead reported at around RMB 15,480/mt. In the afternoon, most traders were staying away from the market.