Last week’s spot lead supply in Shanghai was ample due to an outflow of pledged warrants. Prices were RMB 13,730-13,790/mt, with premiums of RMB 10-20/mt over the SHFE current month lead contract price. Smelters were reported selling goods normally, but traders were unwilling to enter the market. Downstream buyers still purchased to order to minimize risk. Nachu reported more resources than Shanghai, with most goods coming from Gejiu, Yunnan province and prices RMB 20-30/mt lower than those in Shanghai. The price gap between spot and futures prices may narrow this week to RMB 100-150/mt with the approach of the delivery date, while traded prices in spot lead market are expected at RMB 13,700-13,850/mt. Downstream buyers now in a low-demand season will continue to purchase as needed and smelters will maintain normal supply. Traders, however, are not interest in purchasing goods after some smelters raised ex-works prices.