SHANGHAI, Mar. 3 (SMM) – The most active SHFE 1404 lead contract hovered between RMB 13,880-13,920/mt after starting last Friday’s night session at RMB 13,935/mt, and finally closed down RMB 10/mt or 0.07% at RMB 13,880/mt. During the night session, trading volumes shrank to 200 lots, positions gained 246 lots to 8,770 lots, and SHFE lead inventories contracted 200 mt to 202,225 mt. Soft Chinese official PMI released overnight and political crisis in Ukraine put a dent in market sentiment. In response, SHFE lead prices followed LME lead prices down to fluctuate narrowly between RMB 13,810-13,830/mt, and tested support at RMB 13,800/mt. The metal later sank to an intraday low of RMB 13,795/mt, and at last finished down RMB 80/mt or 0.58% at RMB 13,810/mt. Trading volumes surged to 2,580 lots, and positions expanded 268 lots to 9,074 lots on Monday. Facing bearish technical indicators, SHFE lead prices should continue to test support at the RMB 13,800/mt mark.