SHANGHAI, Feb. 22 (SMM) – On Tuesday, SHFE lead prices fluctuated between RMB 15,700-15,770/mt after opening. At around 10:50 a.m., eurozone finance ministers reached agreement on the second round of Greek bailout loans. In response, LME lead prices moved up to touch a high of RMB 15,800/mt. In the afternoon, SHFE lead prices maintained at RMB 15,800/mt and rose at the tail of trading with prices finally closing at RMB 15,820/mt, up RMB 135/mt or 0.86%. Trading volumes increased by 74 lots to 328 lots and positions were up 140 to 2,116 lots.
In China’s domestic spot markets, initial quotations for well-known brands such as Chihong Zn & Ge, Chengyuan, Nanfang and Shuikoushan were RMB 15,700/mt, with discounts against the most active SHFE lead contract price at RMB 50/mt. Other brands such as Shenqian from Fujian Province were mainly quoted at RMB 15,600/mt. As market players were optimistic to the result of eurozone finance ministers’ meeting, and downstream buyers, expecting an increase in lead prices, were more actively making inquiries and purchased on an as-needed basis. At around 10:50 a.m., eurozone finance ministers reached agreement on the second round of Greek bailout loans, SHFE lead prices moved up to RMB 15,800/mt. In domestic spot market, prices of branded lead increased to RMB 15,750-15,770/mt, maintaining discounts against the most active SHFE lead contract price. Prices of Shenqian lead from Fujian also rose by RMB 20/mt to RMB 15,620/mt. In the afternoon, SHFE lead prices moved around RMB 15,800/mt, and spot prices rose further, with branded lead quoted at RMB 15,780/mt. Buying interest was low after the increase in prices.