SHANGHAI, Jul. 15 (SMM) – The most active SHFE lead contract price opened lower at RMB 13,905/mt with influence of Bernanke’s remark dissipating, and hovered between RMB 13,870-13,890/mt. Investors refused to enter the market, and some booked profits ahead of the weekend, with prices finally closing at RMB 13,875/mt, down RMB 75/mt. Trading volumes were down 74 lots to 84 lots, while positions increased 28 lots to 2,478 lots.
In China’s spot lead markets, supplies from lead smelters dropped noticeably, with spot prices down RMB 20/mt. Chihong Zn & Ge was quoted at RMB 13,760/mt, with discounts of RMB 120/mt against the most active SHFE 1309 lead contract price. Nanfang was offered at RMB 13,720/mt, while warrants for Shuikoushan were offered at RMB 13,760/mt, with premiums of RMB 40/mt over the SHFE 1307 lead contract price. Quotes for Shenqian were rarely heard lately due to maintenance at the producer, but quotes were reported at around RMB 13,700/mt on Friday. Offers for other brands were sparse, and downstream consumers still purchased as needed.