SHANGHAI, Feb. 23 (SMM) – On Wednesday, SHFE lead prices rose first but fell later after opening at RMB 15,900/mt after opening. Prices moved around RMB 15,800/mt and stood above the 5-day moving average but were still with resistance at the 10-day moving average. SHFE lead prices finally closed at RMB 15,820/mt. Trading volumes increased by 32 lots to 360 lots and positions were up 78 to 2,194 lots.
In China’s domestic spot markets, initial quotation for well-known brands such as Chihong Zn & Ge, Yuguang were RMB 15,800/mt, but transactions were rarely seen and later fell to RMB 15,780/mt along with SHFE lead prices. Other brands such as Yubei and Shuikoushan were quoted at RMB 15,740-15,770/mt, with discounts against the most active SHFE lead contract price at RMB 40-100/mt. Quotations for lead from Gejiu were between RMB 15,730-15,750/mt with few transactions done. In the afternoon, both futures and spots prices changed little. Lead prices stabilized, so smelters were cautiously selling goods with bullish outlook. Purchases by downstream buyers were sparse, and transactions were modest in general.