SHANGHAI, Mar. 8 (SMM) – On Wednesday, SHFE lead prices opened below the 60-day moving average and moved around RMB 15,660/mt due to the plunge of LME lead prices overnight. In the morning, SHFE lead prices failed to move up along with Chinese domestic stocks and LME lead prices and kept hovering around RMB 15,670/mt. In the afternoon, prices continued the weak track and finally closed at RMB 15,630/mt, down RMB 345/mt. Traded volumes increased by 288 lots to 578 lots and positions were down 224 lots to 1,338 lots.
In China’s domestic spot markets, quotation for well-known brands such as Chihong Zn & Ge, Chengyuan were around RMB 15,680/mt, close to most active SHFE lead contract price. Yubei lead was quoted at RMB 15,680/mt, and quotations for Shenqian from Fujian at RMB 15,600/mt, but limited deals were done. In the afternoon, some traders cut prices further with Chihong Zn & Ge quoted at RMB 15,650/mt. Lead prices showed sharp declines today, smelters believed downward scope should be limited, and were reluctant to move goods. Downstream consumption improved.