SHANGHAI, May 17 (SMM) – SHFE lead prices moved around at RMB 15,535/mt Wednesday after opening due to the increasing risk for Greece to exit the euro zone. In the afternoon, SHFE lead prices dropped on account of the falling domestic stocks and since LME lead prices dipped below USD 2,000/mt, to finally close at RMB 15,255/mt, a new low of the year, down RMB 265/mt from the previous trading day. Trading volumes were down 168 lots to 176 lots, and positions increased by 6 lots to 1,088 lots.
On Wednesday, traders were actively moving goods on bearish outlook despite narrowing profits. Quotations for well-known brands such as Chihong Zn & Ge, Nanfang were mainly between RMB 15,420-15,430/mt, close to the most active SHFE lead contract price. Tongguan was quoted at RMB 15,400/mt. Quotations for lead from Gejiu region were at around RMB 15,280/mt. Enterprises downstream still purchased on an as-needed basis, and trading did not improve.