SHANGHAI, Oct. 10 (SMM) – On Tuesday, SHFE lead prices opened at RMB 16,055/mt as LME lead prices edged up. However, since the meeting of euro zone finance minister reported disappointing results, adding to risk aversion, most investors left the market and watched on the sidelines. As a result, SHFE lead prices only moved narrowly within a RMB 20/mt range to finally close at RMB 16,020/mt. Trading volumes were up 14 lots to 114 lots, and positions were up 42 lots to 1,272 lots.
In China’s domestic spot market, lead trading remained unimproved, with cargo holders moving goods actively but downstream buying interest low. Well-known brands such as Chihong Zn & Ge, and Yuguang were quoted at RMB 15,730/mt, with spot discounts of RMB 300/mt over the most active SHFE lead contract price. Mengzi and Dongling were offered at RMB 15,670-15,690/mt, and Shenqian and Honglu were quoted at RMB 15,640/mt.