SHANGHAI, Apr. 18 (SMM) – SHFE 1306 lead contract price opened higher at RMB 14,070/mt on April with LME lead stabilizing overnight. However, prices were deprived of impetus to rise due to a lack of buying support. Besides, rumors that urbanization conference will not be held as scheduled this month drove the Shanghai Composite Index to fall at midday, so SHFE lead fell below RMB 14,000/mt to close at RMB 13,955/mt, down RMB 80/mt. Trading volumes were down 130 lots to 262 lots, and positions fell 4 lots to 2,128 lots.
Although smelters remained unwilling to move goods, traders made transactions actively, and downstream consumption improved as buyers considered current prices already low. In China’s spot lead market, Chihong Zn & Ge was traded at RMB 14,010/mt, with spot discounts of RMB 50/mt against the most active SHFE lead contract price. Nanfang was quoted at RMB 13,960/mt, and Yubei was offered at RMB 13,950/mt, with discounts of RMB 30/mt against the SHFE 1305 lead contract price. Spot lead prices fell RMB 10-20/mt in the afternoon as SHFE lead slipped further, leaving market players cautious.