SHANGHAI, Jun. 20 (SMM) – SHFE 1309 lead contract, the most active one, opened Thursday RMB 70/mt lower at RMB 14,080/mt as the Fed proposed the schedule for scaling back the QE which dragged down LME lead prices. However, SHFE lead was relatively resilient compared with other metals. HSBC announced China’s preliminary manufacturing PMI fell to a nine-month low of 48.3 in June at 10:00 a.m., driving the most active contract price lower. In the afternoon, LME lead continued the downtrend with US dollar rising, combined with the Shanghai Composite Index falling over 2% below 2,100, SHFE 1309 lead contract price dropped further to end at RMB 13,995/mt, a decline of RMB 165/mt or 1.17%, with settlement price at RMB 14,065/mt. Trading volumes for the contract for September delivery increased 342 lots to 502 lots, and positions increased 120 lots to 1,582 lots. The Shanghai/LME lead price ratio was 6.88 at the time of closing.