SHANGHAI, Apr. 17 (SMM) – The most active SHFE 1405 lead contract price rallied as high as RMB 13,830/mt after starting lower at RMB 13,705/mt, but then pulled back to end down RMB 25/mt at RMB 13,710/mt during Tuesday’s night session. Traded volumes were 70 lots, and positions were off 10 lots to 6,430 lots. China’s Q1 GDP was reported early Wednesday at 7.4%, slightly higher than the estimate of 7.3%. SHFE lead prices essentially fluctuated between RMB 13,700-13,730/mt, and closed down RMB 5/mt at RMB 13,730/mt. Traded volumes stood at merely 342 lots, while positions shed 190 lots to 6,250 lots.
In the Shanghai physical lead market, goods from Chihong Zn & Ge and Nanfang traded Wednesday between RMB 13,750-13,760/mt at a RMB 40/mt premium to the SHFE 1405 contract. Shuangyan and Humon resources were sold between RMB 13,730-13,740/mt. Smelters expressed low selling interest, with Nanfang and Humon moving goods in thin volumes, while downstream producers reverted to a wait-and-see posture after SHFE lead prices registered a fall. Some purchased goods only on an as-needed basis, with trading volumes down from Tuesday’s level.