SHANGHAI, Jul. 9 (SMM) – As the interest rate cuts announced Thursday night failed to boost the market, SHFE lead prices opened lower at RMB 14,950/mt Friday and fell to a low of RMB 14,850/mt. Prices moved narrowly within RMB 100/mt band and stopped falling at the tail of trading influenced by Chinese domestic stocks to finally close at RMB 14,930/mt, down RMB 65/mt from the previous trading day. Trading volumes were up 10 lots to 198 lots, and positions were up 64 lots to 2,044 lots.
On Friday, spot prices in China’s domestic markets were relatively firm. Nanfang was mainly quoted at RMB 14,970/mt, with spot premiums of RMB 110/mt over the most active SHFE lead price. Mengzi and Hanjiang were quoted at RMB 14,920/mt. Quotations for brands from Gejiu region were around RMB 14,900/mt. Smelters were reluctant to move goods, traders held prices firm due to limited supply and bullish mood. Downstream buying interest was low, leaving trading muted.