SHANGHAI, Jul. 19 (SMM) – SHFE 1309 lead contract price started RMB 30/mt lower at RMB 13,855/mt and stayed in narrow range in the morning trading hours. In the afternoon, Chinese stocks weakened, and some investors liquidated positions, leaving prices down RMB 20/mt to RMB 13,835/mt. The most active SHFE lead contract price finally ended at RMB 13,845/mt, down RMB 35/mt from a day earlier. Trading volumes fell 184 lots to 226 lots, while positions were down 38 lots to 2,488 lots.
In China’s spot lead market, Chihong Zn & Ge cut supplies due to regular maintenance in summer months, and quotes for the brand were rarely heard in Shanghai. Prices of other brands dropped RMB 10-20/mt, with Tongguan offered at RMB 13,740/mt, with discount of RMB 120/mt against the SHFE 1309 lead contract price. Mengzi was quoted at RMB 13,710/mt, while Hanjiang was offered at RMB 13,700/mt. Downstream buyers only purchased as needed as domestic lead prices did not fall along with LME lead prices. Most buyers only made inquiries in the afternoon as SHFE lead prices fell.