SHANGHAI, Apr. 26 (SMM) – On Thursday, SHFE 1306 lead contract price gapped higher at RMB 13,850/mt influenced by strong SHFE copper and stood above the lower Bollinger band, but still under resistance at the 10-day moving average. Prices hovered in a narrow range due to weak demand in spot market and finally closed at RMB 13,870/mt, up RMB 60/mt from a day ago. Traded volumes fell 58 lots to 94 lots, and positions fell 6 lots to 2,108 lots.
Supplies in China’s spot lead markets dropped significantly recently with due to low selling interest of smelters and large amount of warehouse receipts being sold. On Thursday, Chihong Zn & Ge and Nanfang were quoted at RMB 13,790-13,800/mt, with spot premiums of RMB 30-40/mt over the SHFE 1306 lead contract price. Quotes for Shuangyan were around RMB 13,760/mt, flat at the SHFE 1305 lead contract price. Inquiries increased noticeably by transactions remained limited as cargo holders held back from selling.