SHANGHAI, Jun. 25 (SMM) – SHFE lead prices gapped lower at RMB 14,950/mt due to the disappointing result of Fed’s meeting last Thursday. In the morning, China’s June PMI was reported down to 48.1 according to HSBC, a new low in seven months, depressing market sentiments. As a result, SHFE lead prices moved narrowly between RMB 14,920-14,950/mt and finally closed at RMB 14,890/mt, down RMB 175/mt, or 1.16%. Trading volumes were up 152 lots to 208 lots, while positions were down 64 lots to 2,092 lots.
Spot lead prices in China’s domestic markets, quotations for Nanfang were RMB 15,050-15,060/mt, with premiums of RMB 100/mt against the most active SHFE lead price. Hanjiang was quoted at RMB 15,000/mt. Only some brands from Gejiu region were quoted at below RMB 15,000/mt at RMB 14,970/mt. Dealers maintained normal sales, while downstream enterprises purchased in limited amounts at lower prices fearing prices will fall further after the holiday.