SHANGHAI, Mar. 14 (SMM) – SHFE 1305 lead contract price opened slightly higher at RMB 14,780/mt on March 13 influenced by the increase in LME lead prices overnight. However, the depressed demand and decline in domestic stock markets weighed down SHFE lead prices, and drove the prices to fall to RMB 14,760/mt before closing at RMB 14,750/mt, up RMB 30/mt. Trading volumes were down 30 lots to 110 lots, and positions were down 38 lots to 2,334 lots.
Quotations in domestic spot lead market increased with the approach of the delivery date. Quotations for Chihong Zn & Ge and Yubei were flat at the SHFE 1303 lead contract price. Chihong Zn & Ge was quoted at RMB 14,640/mt, with spot discounts over the most active SHFE lead contract price at RMB 130/mt. Tongguang was quoted at RMB 14,620/mt, while Shuangyan was offered at RMB 14,530/mt. Downstream buyers only purchased at low prices, and smelters moved goods cautiously, leaving trading muted.