SHANGHAI, Apr. 25 (SMM) – The most active SHFE 1405 lead contract price started Wednesday’s night session at RMB 13,950/mt, and then tracked LME lead prices down RMB 35/mt, or 0.13%, at a low of RMB 13,900/mt. Traded volumes stood at only 38 lots, and positions held flat at 6,556 lots. On Thursday, SHFE lead prices recouped early losses, boosted by a rebound in LME lead prices, and trended up subsequently to close up RMB 10/mt, or 0.07%, at the intraday high of RMB 13,945/mt. Traded volumes gained 432 lots to 776 lots, and positions added 12 lots to 6,568 lots.
In the Shanghai physical lead market, goods from Chihong Zn & Ge and Nanfang traded between RMB 13,950-13,960/mt, a premium of RMB 30/mt over the most active SHFE 1405 lead contract. Traded prices were RMB 13,940/mt for Humon brand and RMB 13,930/mt for Hanjiang and Shuangyan resources. Chihong Zn & Ge and Hanjiang moved goods only in a limited amount since their output had not returned to normal yet after maintenance, while Nanfang and Humon both were reluctant to trade. These, combined with low selling interest by traders, caused tight lead supply in the Shanghai market. Downstream buying interest was relatively high Wednesday with a rally in SHFE lead prices, but waned Thursday after the futures prices weakened, leaving traded volumes modest.