SHANGHAI, Jul. 1 (SMM) – The most active SHFE 1309 lead contract price started higher July 1 at RMB 13,920/mt. China’s official manufacturing PMI was reported lower and the HSCB manufacturing PMI hit a 9-month low, but the figures were in line with expectation and exerted limited influence on base metals and stock markets. As such, SHFE lead prices hovered around RMB 13,900/mt in the morning. In the afternoon, the Shanghai Composite Index rallied, driving SHFE copper to rise RMB 1,000/mt, but SHFE lead prices were little affected and only edged up RMB 20/mt to finally close at RMB 13,940/mt, up RMB 40/mt. Trading volumes fell 116 lots to 66 lots, and positions increased 20 lots to 1,956 lots. Lead prices are expected to stabilize with the onset of high demand season for lead-acid battery in summer months and lead supply shortage in overseas markets.