SHANGHAI, Mar. 8 (SMM) – The Fed’s Beige book gave a boost to the US dollar on Thursday, weighing down LME lead. As such, SHFE 1305 lead contract price gapped lower at RMB 14,755/mt due to the 2% decline in LME lead prices. As market focused on the progress of the NPC and CPPCC sessions, SHFE lead prices moved narrowly around RMB 14,800/mt and finally closed at RMB 14,775/mt, down RMB 105/mt from the previous trading day. Trading volumes increased 254 lots to 350 lots, while positions were up 168 lots to 2,236 lots.
Prices for branded lead in China’s spot lead market fell on Thursday. Quotations for Chihong Zn & Ge and Nanfang were at RMB 14,560-14,570/mt, with spot discounts over the most active SHFE lead contract price at RMB 200/mt. Hanjiang was quoted at RMB 14,530-14,540/m. Goods holders still actively moved goods at low prices to consume inventories, while downstream buyers were reluctant to purchase due to bearish outlook, leaving transactions limited.