SHANGHAI, Feb. 22 (SMM) – The most active SHFE lead contract price gapped RMB 125/mt lower at RMB 15,150/mt on Thursday due to the slump in LME lead prices overnight. Later, as the A-shares tumbled nearly 3%, SHFE lead prices fell further to RMB 15,040-15,070/mt to finally end at RMB 15,040/mt, down RMB 235/mt or 1.54% from the previous trading day. Trading volumes increased 106 lots to 270 lots, while positions were down 152 lots to 2,434 lots.
Spot lead prices in China fell along with SHFE lead prices. Quotations for Jinsha were around RMB 14,840/mt, with spot discounts over the most active SHFE lead price narrowing to RMB 270/mt, but traded prices were mainly at RMB 14,800/mt. Hanjiang was offered at RMB 14,770-14,780/mt, some goods from Chengyuan and Shuangyan were also seen in the market, but downstream buyers were not willing to purchase given the falling prices, leaving transactions muted.