SHANGHAI, Jan. 30 (SMM) – Although domestic stock markets kept rising on January 29, the weak demand in spot lead market and wait-and-see sentiment ahead of the Chinese New Year caused the most active SHFE lead contract price to move around RMB 15,260/mt after opening at RMB 15,245/mt. Being slow in increasing compared with LME lead prices, SHFE lead prices finally ended the day at RMB 15,280/mt. Trading volumes increased 66 lots to 136 lots, while positions were down 28 lots to 2,272 lots.
Quotations in China’s spot lead market were held firm. Prices for Chihong Zn & Ge were offered as high as RMB 14,890/mt, but transactions were few, and only a few goods were traded at RMB 14,850-14,860/mt, with spot discounts of RMB 400/mt over the most active SHFE lead contract price. Hanjiang and Mengzi were quoted at RMB 14,770/mt and RMB 14,760/mt, respectively, while quotes for Shenqian were between RMB 14,710-14,720/mt. Downstream buyers still purchased goods according to needs, but traders moved goods actively, leaving trading weak. In the afternoon, transactions in spot lead market remained quiet despite the rise of SHFE lead prices.