SHANGHAI, Feb 9 (SMM) – On Wednesday, SHFE lead prices moved around RMB 16,100/mt after opening at RMB 16,060/mt. In the afternoon, SHFE lead prices rose significantly by RMB 110/mt to move around RMB 16,240/mt due to the increase in Chinese domestic stock markets and support at the RMB 16,130/mt level. SHFE lead prices finally closed at RMB 16,250/mt, up RMB 190/mt or 1.18%. Trading volumes decreased by 12 lots to 156 lots, and positions increased by 14 lots to 1,870 lots.
Prices for domestic well-known brands such as Nanfang and Chengyuan were at RMB 15,950/mt, with discounts against SHFE 1203 lead contract price at RMB 150/mt. Quotations for lead from Gejiu were at RMB 15,800/mt. In the afternoon, SHFE lead prices rose remarkably, and prices for branded lead increased to RMB 16,100/mt, and prices for lead from Gejiu were also up to RMB 15,920/mt. Smelters only sell goods in limited amounts due to bullish outlook. Meanwhile, downstream demand remained weak as production recovery at enterprises was still slow. Thus, trading market was still quiet.