SHANGHAI, Jan. 28 (SMM) – The SHFE 1303 lead contract price opened higher at RMB 15,250/mt on January 25 as LME lead prices broke through USD 2,400/mt mark. Prices then moved around RMB 15,270/mt and continued the upward trend in the afternoon despite falls in domestic stock markets. The most active SHFE lead contract was finally settled at RMB 15,340/mt. Trading volumes increased 46 lots to 286 lots, while positions were up 50 lots to 2,298 lots.
Spot lead prices in China rose along with increasing SHFE lead prices. Quotations for Chihong Zn & Ge were at RMB 14,850/mt, with spot discounts of RMB 430/mt over the most active SHFE lead contract price. Ex-works prices offered by smelters were buoyed by higher SHFE lead prices, but transactions were sparse as buyers mainly made inquiries. Hanjiang and Shenqian were quoted at RMB 14,730/mt and RMB 14,700/mt, respectively. Downstream buyers bought goods cautiously ahead of the weekend due to high prices, leaving trading modest.