SHANGHAI, Jun. 6 (SMM) – The most active SHFE 1307 lead contract price opened RMB 75/mt higher at RMB 14,165/mt on June 5 due to rising LME lead prices, and hovered below RMB 14,160/mt with few economic data reported. In the afternoon trading session, as the Shanghai Composite Index stopped falling and regained some losses and LME lead prices continued to rally, SHFE 1307 lead contract price rose to move around RMB 14,170/mt and ended at RMB 14,195/mt, up RMB 95/mt. Market was overtaken by wait-and-see sentiment. Trading volumes fell 362 lots to 256 lots, and positions fell 10 lots to 1,812 lots.
Spot lead prices in China rose RMB 30/mt due to limited supplies in Shanghai. Chihong Zn & Ge was quoted at RMB 13,980/mt, with spot discounts of RMB 70/mt over the most active SHFE lead contract price. Hanjiang was offered at RMB 13,950/mt. With spot lead prices approaching RMB 14,000/mt, bullish smelters hold quotes high. Buying interest among downstream buyers improved slightly and traders increased purchases with optimistic outlook. SHFE lead rose further in the afternoon, but quotes in spot lead markets were rare and remained little changed from the morning trading session.