SHANGHAI, Oct. 8 (SMM) – SHFE 1312 lead contract price gapped nearly RMB 100/mt lower at RMB 14,050/mt on the first trading day after the Chinese National Day holiday influenced by an over 3% slump in LME lead during seven-day break. Market concerns held many investors on the sidelines, leaving the most active SHFE lead contract hovering between RMB 14,030-14,050/mt. In the afternoon trading session, the rallying Shanghai Composite Index pushed the SHFE lead for December delivery up to a high of RMB 14,080/mt briefly, but resistance at the 5-day moving average was strong. Resultantly, the most active SHFE lead contract price closed at RMB 14,055/mt. Traded volumes for the SHFE 1312 lead contracts added 54 lots to 492 lots, and positions were up 66 lots to 8,380 lots. Now that LME lead prices were still consolidating, SHFE lead prices will remain under the influence of LME lead before any breakthrough. Warehouse warrants for SHFE lead continued to fall by 277 lots to 73,926 lots Tuesday, helping limit any downward room for SHFE lead.