SHANGHAI, Oct. 8 (SMM) – The most active lead contract on the Shanghai Futures Exchange (SHFE), SHFE 1312 lead contract, started RMB 20/mt higher at RMB 14,125/mt on September 30. The contract consolidated at the 5-day and 10-day moving averages due to support from other base metals and rising Shanghai Composite Index, but lacked any further upward momentum since investors were cautious on the last trading day ahead of the weeklong holiday in China. SHFE lead for December delivery found its high at RMB 14,150/mt before ending the day at RMB 14,120/mt, up RMB 15/mt or 0.11%. Trading volumes contracted 248 lots to 438 lots, while positions added 14 lots to 8,314 lots.
Spot markets turned quiet since most downstream producers had completed restocking. Chihong and Nanfang lead was traded at RMB 14,100-14,110/mt, a contango of RMB 20/mt over SHFE 1312 lead contract. Lead of other brands was rarely traded.