SHANGHAI, Feb. 20 (SMM) – Last Friday, most active SHFE lead contract price tended to stabilize after the slump on the previous trading day. In the morning session, prices fluctuated around RMB 15,650/mt after opening at RMB 15,700/mt. In the afternoon, SHFE lead prices moved above moving averages but surrendered some earlier gains at the tail of trading to close at RMB 15,600/m. Trading volumes decreased by 216 lots to 454 lots and positions were up 132 to 1,966 lots.
In China’s domestic spot markets, quotations for well-known brands such as Chihong Zn & Ge, Chengyuan and Shuikoushan were quoted at around RMB 15,600/mt, with discounts against the most active SHFE lead contract price at RMB 50/mt. Quotations for other brands were mainly at RMB 15,530/mt. In the afternoon, SHFE lead prices remained stable, leaving spot prices basically unchanged. Although lead prices tended to stop falling ahead of weekend, downstream buyers were still bearish on lead price trends and only purchased cautiously, while smelters were not willing to move goods at lower prices.