SHANGHAI, Jul. 16 (SMM) – SHFE lead prices opened slightly higher at RMB 14,930/mt Friday. In the morning, China’s 2Q GDP growth was reported at 7.6%, within market expectations. SHFE lead prices moved up influenced by rising Shanghai Stock Exchange Composite Index and continued rising to RMB 14,940/mt in the afternoon to close at RMB 14,960/mt, up RMB 90/mt, standing above the 30-day moving average. Trading volumes were up 130 lots to 196 lots, and positions increased 108 lots to 2,312 lots.
Quotations for Chengyuan and Shuikoushan were mainly between RMB 15,040-15,050/mt, with spot premiums over the most active SHFE lead price at RMB 130-140/mt. Nanfang was quoted at around RMB 15,030/mt and Hanjiang was quoted at RMB 15,000/mt. Offers for brands from Gejiu region were around RMB 15,000/mt. Supply from smelters increased slightly and traders in short of goods were actively looking for suppliers. Downstream buying interest improved, leaving transactions better than the previous trading day.