SHANGHAI, Feb. 8 (SMM) –SHFE lead prices opened at RMB 15,400/mt and fell to RMB 15,260/mt due to the continued falls in LME lead prices and a pullback in Chinese stocks. In the afternoon, prices started rising due to as some traders bought at lows to finally close at RMB 15,345/mt, down RMB 55/mt. Trading volumes increased 16 lots to 72 lots, while positions were up 16 lots to 2,458 lots.
Almost all traders in spot lead market exited the market. Only goods from Jinsha was quoted at RMB 14,950/mt, with spot discounts over the most active SHEF lead contract price at RMB 330/mt. Smelters met difficulty transporting goods, and downstream buyers rarely entered the market.