SHANGHAI, Mar. 1 (SMM) – On Wednesday, SHFE lead prices opened at RMB 16,250/mt and moved between RMB 16,220-16,300/mt in the morning. Later, SHFE lead prices rose to touch a high of RMB 16,385/mt and fell to finally close at RMB 16,315/mt, up RMB 50/mt. Trading volumes decreased by 226 lots to 402 lots and positions were down 112 to 1,830 lots.
In China’s domestic spot markets, quotation for Chihong Zn & Ge were at RMB 16,100/mt earlier with inquiries rarely seen due to the high prices, but dropped to RMB 16,050/mt later, with discounts against the most active SHFE lead contract price between RMB 200-250/mt. However, traded prices were actually between RMB 16,000-16,040/mt. Other brands such as Hanjiang and Yubei were quoted at RMB 16,020-16,050/mt and only limited deals were made. Quotations for lead from Gejiu region were at RMB 15,950-16,000/mt. In the afternoon, spot prices moved up slightly, with Chihong Zn & Ge quoted at RMB 16,060/mt and lead from Gejiu region quoted at RMB 16,000/mt, but transactions were sparse. Since lead prices kept rising, smelters were more actively selling goods, while inquiries for brands at lower prices increased but few purchases were made at high prices, leaving transactions modest.