SHANGHAI, Jun. 5 (SMM) – The most active SHFE 1407 lead contract started Tuesday's night session at RMB 14,020/mt, and then dipped as low as RMB 13,955/mt before closing up RMB 10/mt at RMB 13,995/mt. During the night session, traded positions totaled 10 lots, while positions gained 4 lots to 4,752 lots. On Wednesday, SHFE lead prices managed to hover around RMB 13,985/mt during the morning trading session, but fell sharply subsequently to end down RMB 30/mt at RMB 13,955/mt on Wednesday. Traded volumes amounted to 264 lots, while positions shed 320 lots to 4,428 lots.
In the Shanghai physical lead market, goods from Chihong Zn & Ge and Nanfang traded Wednesday at RMB 13,920-13,940/mt, a RMB 50-60/mt discount over the most active SHFE 1407 lead contract. Traded prices were RMB 13,920/mt for Humon resources and RMB 13,900-13,910/mt for Shuangyan and Hanjiang supply. Sufficient lead supply put a dent in prices, sending traded prices down RMB 10-20/mt from quotes, since some lead smelters moved goods normally. Motive power battery producers did not build stocks in large amounts as expected although the seasonally high consumption period draws near.