SHANGHAI, Jul. 26 (SMM) – SHFE 1309 lead contract price opened at RMB 13,865/mt on June 25 and dipped to RMB 13,840/mt near the midday due to pressure from shorts, but soon stabilized at the opening level. SHFE lead finally ended the day at RMB 13,865/mt, up RMB 20/mt from a day earlier. Trading volumes inched down 6 lots to 122 lots, while positions fell 20 lots to 2,548 lots. SHFE lead prices are expected to move up between the 10 and 20-day moving averages.
Spot lead prices in China were resilient on Thursday due to tight supplies. Quotes for Chihong Zn & Ge were reported at RMB 13,800/mt, with discount against SHFE 1309 lead contract price narrowing to RMB 60/mt. Hanjiang and Mengzi were quoted at RMB 13,750-13,760/mt. Goods of Humon were offered at RMB 13,700/mt, while Jinli was quoted at RMB 13,670/mt. Downstream buyers remained wary against the limited supply, but overall trading improved slightly.