SHANGHAI, Feb 17 (SMM) – On Thursday, the most active SHFE lead contract price fell after opening lower. In the morning session, prices moved above RMB 15,800/mt but then fell to move between RMB 15,600-15,700/mt due to the decrease in LME lead prices. In the afternoon, SHFE lead prices moved down influenced by domestic stocks and fluctuated around RMB 15,550/mt. At the tail of trading, prices attempted to hit the RMB 15,600/mt mark but met resistance and finally close at RMB 15,530/mt, down RMB 320/mt or 2.01%. Trading volumes increased by 98 lots to 670 lots and positions were up 226 to 1,834 lots.
In China’s domestic spot markets, quotations for well-known brands Chihong Zn & Ge were around RMB 15,600/mt, while Chengyuan and Yuguang were quoted between RMB 15,560-15,580/mt, with discounts against the most active SHFE lead contract price narrowing to RMB 50-80/mt. Quotations for other brands were mainly at RMB 15,560/mt. In the afternoon, trading market was still quiet, lead prices decreased and most downstream buyers held a wait-and-see attitude, leaving transactions modest.