SHANGHAI, Apr. 3 (SMM) – SHFE 1305 lead contract price gapped higher at RMB 14,390/mt on Tuesday and moved around RMB 14,330-14,360/mt as Chinese stocks and LME lead fluctuated down. At midday, the contract fell to RMB 14,315/mt but gained buying support later to return to RMB 14,360/mt, with prices finally closing at RMB 14,365/mt, up RMB 75/mt from Monday. Trading volumes were up 184 lots to 314 lots, and positions increased 96 lots to 2,030 lots.
SHFE lead prices gapped higher and kept vacillating on Monday, driving spot lead prices to stabilize. Quotations for Chihong Zn & Ge were around RMB 14,280/mt, with spot discounts over the most active SHFE lead contract price at RMB 70/mt. Prices for Nanfang were offered around RMB 14,260/mt, while those for Tongguan were offered at discounts of RMB 20/mt against the SHFE 1304 lead contract price. Buying interest improved slightly on stabilizing spot prices, but smelters were still reluctant to move goods at low prices.