SHANGHAI, Apr. 12 (SMM) – The most active SHFE lead contract price started at RMB 14,400/mt on Thursday and rallied to RMB 14,480/mt, but failed to broke through the resistance at RMB 14,500/mt due to weak demand and falling domestic stocks. Prices thus closed at RMB 14,440/mt, down RMB 40/mt from a day earlier. Trading volumes increased 32 lots to 94 lots, while positions increased 12 lots to 2,142 lots.
Spot lead prices in domestic market fell. Chihong Zn & Ge and Nanfang were quoted at RMB 14,250/mt, with spot discounts of RMB 210/mt against the most active SHFE lead contract price. YT lead was offered at RMB 14,200/mt. Most investors believe lead prices will unlikely pick up in the short term. Both buyers and suppliers were on the sidelines, leaving trading muted.