SHANGHAI, Feb. 27 (SMM) – SHFE lead prices opened at RMB 15,050/mt on Tuesday and moved around the level in the morning trading session. In the afternoon, reports that Italy may fail to form new government and stronger expectation for another around of election added to market concerns, driving both LME lead and domestic stock market to fall. LME lead prices thus closed at RMB 14,970/mt, down RMB 205/mt or 1.35%. Trading volumes were up 8 lots to 204 lots, while positions were up 86 lots to 2,168 lots. Settlement price of SHFE lead was RMB 15,027/mt.
Cargo holders in spot lead market, expecting SHFE lead to stabilize, were reluctant to move goods, leaving quotations fewer than Monday. Prices for Chihong Zn & Ge were offered around RMB 14,850/mt, with spot discounts over the most active SHFE lead price at RMB 200/mt. Dongling and Shenqian were quoted at RMB 14,710-14,720/mt. Downstream buyers purchased at lows, with transactions improving slightly. In the afternoon, however, trading turned light again with strong wait-and-see sentiment.