SHANGHAI, Nov. 13 (SMM) – The most active SHFE 1312 lead contract prices gapped lower at RMB 14,180/mt in morning trading session on Tuesday, dampened by a drop in LME lead prices overnight. SHFE lead later extended losses, dipping to RMB 14,110/mt in the afternoon. The prices finally ended at RMB 14,105/mt, down RMB 105/mt. Trading volumes grew by 180 lots to 616 lots, while positions fell 194 lots to 8,934 lots. SHFE lead is expected to drop further, and market will pay considerable attention to the policies introduced following China’s party plenary.
In Shanghai spot lead market, quotes varied in the wake of slumping SHFE lead prices. Quotations of Chihong Zn & Ge, Nanfang and Chengyuan were cut from RMB 14,100/mt, with traded prices mainly at RMB 14,060/mt, a discount of RMB 70/mt over the most active SHFE lead prices. Resources of Yubei, Yuguang and Tongguan were offered at a premium of RMB 10/mt over the SHFE 1311 lead contract prices, but transactions were sparse. Humon were sold between RMB 14,060-14,070/mt. Cargo holders moved goods aggressively, but downstream consumers abstained from buying following the plunges in SHFE lead prices.