SHANGHAI, Mar. 17 (SMM) – SHFE lead prices rallied to RMB 14,600/mt after starting at an intraday low of RMB 14,945/mt, and closed down RMB 35/mt at RMB 13,570/mt in Thursday’s night trading session. During the night session, trading volumes were 52 lots, while positions gained 26 lots to 8,710 lots. SHFE lead prices moved up to the range of RMB 13,560-13,580/mt after initially falling to RMB 13,520/mt, and finished down RMB 35/mt at RMB 13,570/mt on Friday. Trading volumes were 1,100 lots, and positions were off sharply 788 lots to 7,896 lots due to shorts liquidating positions.
In the Shanghai physical lead market, goods from Chihong Zn & Ge traded on Friday at RMB 13,650/mt, a premium of around RMB 90/mt over the most active SHFE lead contract, with limited trading volumes for high prices. Chengyuan warrants were offered at a premium of RMB 100/mt over SHFE 1404 lead contract prices. Traded prices were RMB 13,620/mt for Yubei branded lead supply, and RMB 13,600/mt for Shuangyan and Honglu resources. Lead smelters were inactive moving goods, leaving lead supply in a still tight condition. Downstream producers had low buying interest since the Crimean referendum scheduled on Sunday fueled wary sentiment in the market on Friday.