SHANGHAI, Feb. 24 (SMM) – On Thursday, SHFE lead prices rose up after opening but then fell and moved above the moving averages. In the afternoon, prices moved down briefly but later returned above the moving averages due to the rebound in China’s domestic stocks, and finally closed at RMB 15,900/mt, up RMB 80/mt. Trading volumes decreased by 12 lots to 348 lots and positions were up 116 to 2,078 lots.
In China’s domestic spot markets, initial quotation for well-known brands such as Chihong Zn & Ge, Yuguang, Nanfang and Shuikoushan were RMB 15,850/mt, with discounts against the most active SHFE lead contract price at RMB 50/mt. Quotations for lead from Gejiu were around RMB 15,750/mt. Downstream buyers were not willing to purchase due to higher prices. At midday, SHFE lead prices moved down slightly, Chihong Zn & Ge, Yuguang were quoted lower at RMB 15,820/mt, but prices were still relatively high, so most downstream buyers stayed out of the market. In the afternoon, a few lead of Chihong Zn & Ge were traded at RMB 15,800/mt, prices for other brands remained unchanged. Transactions were limited on the whole.