SHANGHAI, Mar. 18 (SMM) – SHFE 1305 lead contract price opened RMB 100/mt higher at RMB 14,820/mt on Friday as LME lead prices were buoyed by the falling US dollar overnight. However, SHFE lead prices fell later despite an increase in domestic stock markets since most investors stayed out of the market ahead of the weekend. Prices moved between RMB 14,720-14,760/mt and closed at RMB 14,735/mt, down RMB 5/mt. Trading volumes increased 86 lots to 222 lots, and positions were down 70 lots to 2,244 lots. SHFE lead inventories continued to increase 3,412 lots to 139,672 lots last week.
In China’s spot lead market, Chihong Zn & Ge was mainly quoted at RMB 14,600/mt, with spot discounts over the most active SHFE lead contract price at RMB 170/mt. Shuikoushan was quoted at RMB 14,580/mt, while quotations for Dongling were around RMB 14,530/mt. Downstream buyers only purchased as needed, and cargo holders were unwilling to move goods with bearish outlook.