SHANGHAI, Oct. 24 (SMM) – SHFE lead prices gapped lower at RMB 15,430/mt and presented a weak trend on Tuesday as LME lead prices dropped nearly 2% overnight. In the afternoon, SHFE lead prices fell again to RMB 15,320-15,370/mt as LME lead prices slumped and Chinese stocks fluctuated down, to finally close at RMB 15,305/mt, down RMB 215/mt. Trading volumes were up 146 lots to 226 lots, and positions were up 32 lots to 1,232 lots.
Spot lead prices in China’s domestic spot markets kept falling. Well-known brands, including Chihong Zn & Ge, were quoted at RMB 15,300-15,320/mt, with spot discounts over the SHFE 1212 lead contract price at RMB 110/mt. Mengzi and Hanjiang were offered at RMB 15,270/mt. Quotations for Tongguan were at RMB 15,230-15,240/mt, and those for Dongling and Shenqian were RMB 15,200-15,220/mt. Smelters lowered prices noticeably for sales due to month end financial pressures, but most downstream buyers only purchased as needed, believing prices will fall further.