SHANGHAI, Apr. 28 (SMM) – The most active SHFE 1405 lead contract price started Thursday’s night session at RMB 13,950/mt, and then followed LME lead prices up as high as RMB 13,980/mt. The contract price confronted strong selling pressure at the RMB 14,000/mt mark, and dipped subsequently to a trough of RMB 13,900/mt before ending up RMB 15/mt at RMB 13,940/mt. Traded volumes stood at 132 lots, while positions added 32 lots to 6,600 lots. On Friday, SHFE lead prices sank to RMB 13,865/mt due to a number of longs liquidating positions, but later trended higher to close up RMB 15/mt at RMB 13,940/mt. Traded volumes were 822 lots, while positions were off 324 lots to 6,244 lots.
In the Shanghai physical lead market, goods from Chihong Zn & Ge traded at RMB 13,970-13,980/mt, a premium of some RMB 60/mt over the most active SHFE 1405 lead contract price. Traded prices were RMB 13,950-13,960/mt for Nanfang and Chengyuan brands, and RMB 13,930/mt for Hanjiang, Shuangyan, and Humon resources. Physical lead supplied by smelters remained in shortage, while downstream producers mostly stayed on the sidelines. Poor battery sales reportedly caused some lead-acid battery producers to close in advance for May Day, hurting purchases of refined lead, with transactions unchanged Friday.