SHANGHAI, Nov. 6 (SMM) – The most active SHFE lead contract price opened lower at RMB 14,365/mt and soon dipped to a low of RMB 14,300/mt pressured by shorts. SHFE lead moved between RMB 14,300-14,320/mt for the rest of the day, hovering around the 20-day moving average, and finally closed at RMB 14,330/mt, down RMB 35/mt. Traded volumes increased by 12 lots to 1,084 lots, and open interest dropped 532 lots to 10,292 lots.
Spot lead market in Shanghai was enlivened on Tuesday as the narrowing spot discounts inspired arbitrage. Chihong Zn & Ge, Nanfang, and Shuikoushan were initially quoted at RMB 14,240/mt, but offers were cut to RMB 14,220/mt later. Chengyuan was traded at a discount of RMB 100/mt against the SHFE 1312 lead contract prices. Quotes for Humon and Shenqian were around RMB 14,160/mt. Traders moved goods actively, while downstream buyers increased purchases. Smelters limited supplies on bullish outlook.