SHANGHAI, Apr. 1 (SMM) – SHFE 1305 lead contract price gapped lower at RMB 14,380/mt on Friday due to falling LME lead prices overnight and rose to move around RMB 14,400/mt, testing daily moving average, to finally close at RMB 14,350/mt, down RMB 80/mt from the previous trading day. Traded volumes were up 130 lots to 378 lots, and positions increased 54 lots to 1,956 lots.
SHFE 1305 lead contract price opened lower on Friday and followed a weak trend, dragging down spot lead prices in China. Chihong Zn & Ge was quoted at RMB 14,350/mt, with spot discounts of RMB 50/mt over the most active SHFE lead contract price. Nanfang and Tongguan were quoted at RMB 14,330/mt and RMB 14,300/mt, respectively. Prices for Yuguang were around RMB 14,300/mt, level with the SHFE 1304 lead contract price. Downstream buyers purchased in limited amount, while cargo holders were reluctant to move goods. Most investors left the market in the afternoon, leaving trading quiet.