SHANGHAI, Oct. 19 (SMM) – SHFE lead prices opened higher at RMB 15,770/mt as positive news from Europe and the US added to risk appetite. Later, China’s GDP was reported at 7.4%, a 3-year low, but in line with market expectations, so market showed mild response. SHFE lead prices moved narrowly between RMB 15,760-15,780/mt and finally closed at RMB 15,755/mt, up RMB 100/mt. Investors were not willing to enter market. Trading volumes fell 36 lots to 56 lots, and positions were down 4 lots to 1,172 lots.
In China’s spot lead market, prices were deprived of momentum to rise due to sluggish demand. Well-known brands including Nanfang and Chihong Zn & Ge were quoted at RMB 15,550/mt, with spot discounts overt the SHFE 1212 lead contract price at RMB 200/mt. Mengzi and Dongling were offered at RMB 15,450-15,470/mt. Quotations for Hanjiang and Shenqian were at RMB 15,430/mt and RMB 15,400/mt. Downstream buyers were still on the sidelines, believing increase in lead prices were limited, while cargo holders moved goods actively. Transactions remained modest.