SHANGHAI, Jul. 27 (SMM) – SHFE lead prices opened slightly higher at RMB 14,853/mt and inched up July 26 due to the positive news that ESM may obtain banking license. However, SHFE lead prices came under resistance at the 5-day moving average and only moved weakly around RMB 14,780/mt, and ended the day at RMB 14,790/mt after dipping to a low of RMB 14,705/mt influenced by the decline in Shanghai Stock Exchange Composite Index. Trading volumes were down 68 lots to 204 lots, while positions increased 54 lots to 2,792 lots.
SHFE lead prices remained stable July 25. With more goods supplied from warehouses, spot lead prices were lowered. Nanfang and Shuikoushan were quoted at RMB 14,930/mt, with spot premiums over the most active SHFE lead price at RMB 150/mt. Quotations for Shenqian and Mengzi were at RMB 14,910-14,920/mt, and offers from Yubei were mainly around RMB 14,920/mt, with premiums over the SHFE 1209 lead contract price at RMB 90/mt. Jinli sold goods in large amounts on Thursday with prices mainly around RMB 14,880/mt. Trading improved from the previous trading day.