SHANGHAI, Mar. 13 (SMM) – SHFE lead prices opened at RMB 14,765/mt and followed a weak trend in the morning trading session with investors unwilling to enter the market. In the afternoon, as the Shanghai Composite Index fell over 1% and as LME lead prices dropped below USD 2,200/mt, SHFE lead prices slipped to RMB 14,730-14,745/mt to close at RMB 14,720/mt, down 45/mt. Trading volumes were down 72 lots to 140 lots, while positions were up 16 lots to 2,372 lots.
In China’s spot lead market, prices remained firm on Tuesday. Smelters were not willing to move goods at the current low prices, while downstream buyers purchased cautiously, with transactions unimproved. Quotes for Chihong Zn & Ge were around RMB 14,620/mt, with spot discounts over the most active SHFE lead contract price at RMB 140/mt. Nanfang was quoted at RMB 14,580/mt. Dongling, Hanjiang, and Shenqian were quoted at RMB 14,560/mt.