SHANGHAI, Jul. 29 (SMM) – SHFE 1309 lead contract price opened at RMB 13,855/mt on Friday and hovered at the level in the morning trading session due to a lack of important reports. In the afternoon, as LME lead prices fell nearly USD 10/mt and some investors liquidated positions, SHFE lead prices dropped to RMB 13,840/mt and closed at RMB 13,845/mt, down RMB 20/mt from Thursday. Traded volumes fell 44 lots to 78 lots, while positions fell 16 lots to 2,532 lots. SHFE lead will be largely influenced by a series of risky events and show larger swings next week.
Cargo holders in China’s spot lead markets held prices firm on Friday as supply remained tight. Quotes for Chihong Zn & Ge were reported at RMB 13,810/mt, with traded prices at around RMB 13,800/mt, but transactions were limited. Warrants for Yubei Gold & Lead were offered at RMB 13,780/mt, flat at SHFE 1308 lead contract price. Mengzi and Hanjiang were quoted at RMB 13,750-13,760/mt. Trading volumes were lower than Thursday.