SHANGHAI, Jul. 1 (SMM) – The weakness in China’s stock markets depressed market sentiment, weighing on lead prices. SHFE 1309 lead contract price started Friday at RMB 13,905/mt, RMB 15/mt lower than the settlement price on Thursday. Prices remained below the 5-day moving average through the day and went RMB 10/mt lower in the afternoon with investors taking profits ahead of the weekend, to finally close at RMB 13,880/mt, down RMB 40/mt from the previous day, Trading volumes for the most active contracts increased 34 lots to 182 lots, and positions rose 34 lots to 1,936 lots. The Shanghai/LME lead price ratio was 6.77 as of the closing of SHFE trading.
Spot lead prices in China slipped RMB 10/mt from a day earlier. Warehouse warrants for Nanfang were offered at RMB 13,740/mt, flat at the SHFE 1307 lead contract price. Mengzi and Hanjiang were traded at RMB 13,730/mt. Smelters held quotes little changed, while transactions were quiet on the last trading day of June.