SHANGHAI, Apr. 3 (SMM) – With most positive European and US economic data released overnight, the most active SHFE lead contract price started at a high of RMB 13,740/mt, but later leveled off to around RMB 13,725/mt during Tuesday’s night session. The metal closed flat at RMB 13,725/mt. Trading volumes were only 14 lots, and positions were flat at 7,198 lots. On Wednesday, SHFE lead prices initially fell to RMB 13,640/mt, and then bounced back to RMB 13,720/mt. The metal hovered mostly between RMB 13,700-13,720/mt in the afternoon trading session, and ended at RMB 13,720/mt. During the daytime session, trading volumes were 540 lots, while positions were off 150 lots to 7,048 lots.
In the Shanghai physical lead market, goods from Chihong Zn & Ge traded Wednesday between RMB 13,660-13,670/mt, a discount of around RMB 50/mt over the most active SHFE lead contract price. Humon and Shuangyan resources were sold at RMB 13,650/mt and RMB 13,620-13,630/mt, respectively. Shuikoushan and Chengyuan lead warrants were offered at a discount of RMB 40-50/mt over the most active SHFE lead contract price. Lead smelters cut back on deliveries with Chihong Zn & Ge and Humon trading in light volumes. Downstream producers had higher buying interest than Tuesday due to lower lead prices and the obtaining of banking loans, but still purchased as needed out of fears that lead prices will fall in the near term.