SHANGHAI, Mar. 27 (SMM) – The most active SHFE 1405 lead contract price hovered around RMB 13,780/mt after starting at RMB 13,795/mt, and closed up RMB 30/mt, or 0.15%, at RMB 13,780/mt during Tuesday’s night session. During the trading hours, trading volumes totaled 158 lots, and positions added 126 lots to 7,464 lots. On Wednesday, SHFE lead prices rose to RMB 13,800/mt after dropping to RMB 13,765/mt, and finished up RMB 40/mt, or 0.29%, at RMB 13,790/mt. Trading volumes gained 364 lots to 770 lots, while positions expanded 190 lots to 7,528 lots. SHFE lead prices are expected to test resistance at the RMB 13,800/mt in the near term, with positive technical indicators.
Despite an uptick in SHFE lead prices on Wednesday, traded prices for spot lead were essentially unchanged from Tuesday. Goods from Chihong Zn & Ge and Chengyuan traded between RMB 13,710-13,720/mt, at a broader discount of around RMB 70/mt over the most active SHFE 1405 lead contract price. Traded prices were RMB 13,680/mt for Shuangyan supply wrapped with steel-plastic and RMB 13,670/mt for some wrapped with iron sheet. Low-priced lead supply was scarce in the Shanghai market. Lead smelters moved goods at a slower pace than Tuesday, while downstream producers had lower buying interest against tight liquidity on Wednesday, with modest trading activity.