SHANGHAI, Feb. 28 (SMM) – SHFE lead prices opened at RMB 14,970/mt on February 27 and rose above RMB 15,095/mt due to favorable US economic data and Bernanke’s remark about maintaining easing policies. However, prices lacked momentum to rise further due to unimproved demand and fell to RMB 15,040/mt. In the afternoon, SHFE lead prices fell slightly to close at RMB 15,030/mt due to weak domestic stock markets, up RMB 60/mt from the previous trading day. Trading volumes were fell 8 lots to 196 lots, while positions were down 36 lots to 2,132 lots.
Spot lead demand remained weak with downstream enterprises still buying as needed. Most downstream buyers only consumed existing inventories due to poor orders, but cargo holders still held prices firm. 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.