SHANGHAI, Jun. 20 (SMM) – SHFE 1307 lead contract price started below the 30-day moving average at RMB 13,930/mt on June 19, and moved around RMB 13,950/mt. In the afternoon, investors mainly stayed out of the market, leaving transactions limited, but prices were up RMB 30/mt to RMB 13,980/mt due to short covering, and ended the day at an intraday high of RMB 13,990/mt, up RMB 40/mt from a day earlier with resistance at RMB 14,000/mt still strong. Trading volumes of SHFE 1307 lead contract fell 2 lots to 138 lots, while positions also dropped 52 lots to 1,496 lots. Positions for SHFE 1309 lead contract are approaching the most active contract. Overall, SHFE lead prices may remain relatively firm given tightening supply.
Spot lead prices held steady from a day earlier. Chihong Zn & Ge was quoted at RMB 13,930/mt. Lead prices in Shanghai remained firm as supplies reduced and smelters raised quotes, with spot discounts over the most active SHFE lead contract narrowing from RMB 50/mt to RMB 20/mt. Mengzi was offered at RMB 13,900/mt, and Yunyue was traded at RMB 13,850/mt. Downstream consumption remained modest, and traders purchased in limited amounts at low prices, leaving transactions little changed from the previous trading day.