SHANGHAI, Nov. 7 (SMM) – The most active SHFE lead contract prices opened at RMB 14,350/mt on Wednesday and moved between RMB 14,310-14,320/mt. SHFE lead for December delivery rose RMB 10/mt after midday driven by buying support, but trading activity was not brisk. The prices finally closed at RMB 14,330/mt, little changed from a day earlier. Given resistance at several moving averages, any price increase will depend on important positive reports. Traded volumes declined by 340 lots to 744 lots, and open interest fell 526 lots to 9,766 lots.
Shanghai spot lead market returned quiet on Wednesday. Chihong Zn & Ge was quoted at RMB 14,240/mt, with discount of RMB 70/mt against the most active SHFE lead contract price. Nanshan and Shuikoushan were offered at RMB 14,220/mt, but traded prices were around RMB 14,200/mt. Humon and Shenqian were sold at RMB 14,160/mt. Tight supply of lead concentrate left smelters more reluctant to sell, but traders still moved goods aggressively. Downstream consumption was soft.