SHANGHAI, Jul. 23 (SMM) – SHFE lead prices opened at RMB 15,050/mt July 20 and remained stable at the opening price in the morning. Later, SHFE lead fell to RMB 14,920/mt along with other metals but gained support at the 10-day moving average to stabilize at RMB 14,980/mt in the afternoon, with prices closing at RMB 14,995/mt. Trading volumes were up 126 lots to 372 lots, while positions fell 36 lots to 2,522 lots.
In China’s spot market, Nanfang and Shuikoushan were mainly quoted at RMB 15,120/mt, and Yubei was quoted between RMB 15,100-15,110/mt, with spot premiums of RMB 60/mt over the SHFE 1209 lead contract price. Quotations for Shenqian were around RMB 15,070/mt. Smelters and traders reported normal sales but downstream buyers were still sidelined, leaving limited transactions done. Supply decreased again close to midday on account of falling SHFE lead prices. In the afternoon, Nanfang cut quotations by RMB 20/mt, and Yubei was quoted at RMB 15,070/mt, and offers from Shenqian remained unchanged.