SHANGHAI, Jul. 9 (SMM) – The most active SHFE 1309 lead contract price started RMB 55/mt higher at RMB 13,900/mt on Tuesday influenced by the 2% increase in LME lead overnight. In the morning trading session, China’s CPI for June was reported up 2.7% YoY to hit new high in four months, while PPI was down 2.7%, basically within market expectation. Market confidence was further depressed by the unbalance of economic structure. Thus, lead prices fell RMB 30/mt but pared some losses due to buying support and stabilizing domestic stocks, to finally close at RMB 13,890/mt, up RMB 40/mt from a day earlier. Trading volumes for the most active contract dropped 130 lots to 106 lots, while positions increased 34 lots to 2,358 lots. SHFE lead should remain below the 5-day moving average.