SHANGHAI, Jun. 27 (SMM) – On Tuesday, SHFE lead prices extended declines as market remained cautious before the EU summit. In the morning, SHFE lead prices opened at RMB 14,770/mt and fluctuated down to move between RMB 14,700-14,730/mt. In the afternoon, SHFE lead prices plummeted and dipped to a low of RMB 14,490/mt and finally ended down RMB 300/mt or down 2% to RMB 14,490/mt. Trading volumes decreased 54 lots to 212 lots, while positions were down 38 lots to 2,006 lots.
In China’s spot markets, well-known brands including Nanfang were quoted at RMB 14,880/mt, with premiums of RMB 150/mt against the most active SHFE lead price. Mengzi and Yubei were quoted at RMB 14,840/mt. Shenqian was quoted at RMB 14,820/mt. Some downstream buyers purchased branded lead in limited amounts at lower prices. In the afternoon, SHFE lead prices slumped and dealers were less willing to move goods. Transactions were worse than the previous trading day in general.