SHANGHAI, Apr. 21 (SMM) – The most active SHFE 1405 lead contract price started Thursday’s night session at RMB 13,790/mt, and ended down RMB 5/mt at RMB 13,760/mt. Traded volumes totaled 108 lots, while positions gained 12 lots to 5,982 lots. SHFE lead prices outperformed other base metals prices to hover Friday between RMB 13,790-13,800/mt, and finished up RMB 35/mt at RMB 13,800/mt, meeting resistance at the 40-day moving average. Traded volumes expanded 384 lots to 858 lots, and positions lost 60 lots to 5,910 lots.
In the Shanghai physical lead market, goods from Chihong Zn & Ge, Nanfang, and Chengyuan were offered Friday at RMB 13,820/mt, but traded at RMB 13,800/mt, a RMB 10-30/mt premium to the SHFE 1405 contract. Humon and Shuangyan brands were sold at RMB 13,790/mt and RMB 13,770/mt, respectively. Tight supply in the Shanghai market gave cargo holders an incentive to hold prices firm. Downstream producers, however, mostly sat tight Friday despite restocking demand ahead of the weekend, leaving traded volumes comparatively light.