SHANGHAI, Mar. 1 (SMM) – SHFE lead prices opened at RMB 15,050/mt on February 28 and moved around RMB 15,020/mt in the morning trading hours with resistance at the 5-day moving average. In the afternoon, lower positions and weakening power of longs, combined with sluggish demand, hurt market confidence and drove SHFE lead prices to fall to close at RMB 14,990/mt, down RMB 40/mt. Trading volumes were dropped 48 lots to 148 lots, while positions were down 8 lots to 2,124 lots.
Spot lead prices in China remained unchanged, and quotations for Chihong Zn & Ge were around RMB 14,850/mt, with spot discounts over the most active SHFE lead contract price at RMB 200/mt. Shuangyan and Hanjiang were quoted at RMB 14,720-14,740/mt, while offers for Shenqian were firm at RMB 14,710/mt. Downstream buyers purchased according to production needs, and cargo holders held prices high with bullish outlook, leaving trading unimproved.