SHANGHAI, Feb 16 (SMM) – On Wednesday, SHFE 1204 lead contract become the most active one with prices opening down at RMB 15,825/mt and following a weak track. Despite the rebound along with the rising domestic stocks after 10:30, prices later fell slightly to surrender earlier gains with resistance at the 20-day moving average. SHFE lead prices finally closed at RMB 15,890/mt, up RMB 20/mt. Positions increased by 334 lots to 1,608 lots, trading volumes increased by 118 lots to 572 lots.
In Shanghai spot markets, well-known brands such as Chihong Zn & Ge, Chengyuan and Nanfang were initially quoted between RMB 15,750-15,800/mt, and then quotations rose to RMB 15,850/mt along with the SHFE lead prices, with discounts against the most active SHFE lead contract price at RMB 50-100/mt. Quotations for lead from Gejiu were at RMB 15,650/mt at first, but increased to around RMB 15,700/mt. Despite the increasing lead prices, downstream buyers were still cautious, leaving transactions unimproved.