SHANGHAI, Jan. 16 (SMM) – The SHFE 1303 lead contract price gapped lower at RMB 15,220/mt on Tuesday as LME lead prices closed down overnight. Prices then remained between RMB 15,180-15,210/mt and fell in the afternoon with LME lead dipping below USD 2,300/mt to finally end the day at RMB 15,130/mt, losing RMB 140/mt. Trading volumes were up 48 lots to 270 lots, and positions were up 20 lots to 2,190 lots.

In China’s spot lead market, supply was ample on January 15 with spot lead prices for well-known brands firm. Chihong Zn & Ge was quoted at RMB 14,750/mt, with spot discounts of RMB 430/mt over the 1303 SHFE lead contract price. Quotations for Dongling, Hanjiang and Mengzi were mainly at RMB 14,650-14,660/mt, and those for Shenqian were around RMB 14,630/mt. Baiyin was quoted lower at RMB 14,600/mt. Downstream buyers still purchased as needed. In the afternoon, SHFE lead prices fell along with LME lead prices, but quotations in spot market remained firm.