SHANGHAI, Jul. 6 (SMM) – On Thursday, caution prevailed in market and awaited interest rate decision to be released by the ECB. The most active SHFE lead contract price opened flat and moved at RMB 14,900/mt in the morning with transactions modest. At the tail of trading, SHFE lead prices hit a high of RMB 15,035/mt due to support from longs and closed at RMB 14,995/mt, up RMB 45/mt from the previous trading day. Trading volumes were down 388 lots to 188 lots, and positions were up 34 lots to 1,980 lots.
On Thursday, SHFE 1210 lead contract fluctuated narrowly after opening. In China’s domestic spot markets, goods supplied by Jinsha fell short, with several cargo holders quoting at RMB 15,100/mt. Shuikoushan and Nanfang were mainly quoted between RMB 15,000-15,020/mt, with spot premiums of RMB 20-30/mt over the most active SHFE lead price. Hanjiang was quoted at RMB 14,960/mt. Quotations from Shenqian and Mengzi were RMB 14,920-14,930/mt. Smelters remained unwilling to move goods, while demand downstream was lower as enterprises had purchased to meet production needs during the past few days, leaving transactions quiet.