SHANGHAI, Feb. 29 (SMM) – On Tuesday, SHFE lead prices opened higher at RMB 16,200/mt and moved above the moving averages in the morning due to the positive US economic data. In the afternoon, the US dollar index fell, and SHFE lead prices rose to RMB 16,360/mt, the intraday high and a new high since February. Later, SHFE lead prices fell to RMB 16,300/mt and finally closed at RMB 16,310/mt, up RMB 160/mt. Trading volumes increased by 150 lots to 628 lots and positions were up 26 to 1,942 lots.
In China’s domestic spot markets, quotation for well-known brands such as Chihong Zn & Ge, Chengyuan and Nanfang were between RMB 16,000-16,050/mt in the morning, with discounts against the most active SHFE lead contract price expanding to RMB 200-250/mt, but traded prices were mainly at RMB 15,970-16,020/mt. Buyers were more willing to trade with several traders offering lower quotations. In the afternoon, SHFE lead prices rose above RMB 16,300/mt, and quotations for Chihong Zn & Ge were adjusted to RMB 16,080/mt, but purchases were still limited on the whole, and smelters were more willing to move goods at prices above RMB 16,000/mt.