SHANGHAI, Jun. 11 (SMM) – The most active SHFE 1408 lead contract crept surged to a high of RMB 14,480/mt after starting Monday’s night session at RMB 14,100/mt, but later fell to end up RMB 50/mt at RMB 14,060/mt.
On Tuesday, SHFE lead prices swung mostly between RMB 14,000-14,060/mt, and rose slightly at the tail of the trading to finish up RMB 75/mt at RMB 14,085/mt. Traded volumes for he most active contract totaled 704 lots, and positions added 28 lots to 5,284 lots.
In the Shanghai physical lead market, goods from Chihong Zn & Ge, Nanfang, and Chengyuan traded Tuesday at RMB 13,900/mt, a discount of around RMB 130/mt over the most active SHFE 1408 lead contract. Prices for Chihong brand were lowered to RMB 13,890/mt subsequently due to sluggish trading activity. Traded prices were RMB 13,880-13,890/mt for Humon resources and Shuangyan supply wrapped with plastic steel, and low-priced lead brands including Shuangyan supply wrapped with iron sheet were barely offered.
The market remained dominated by supply from traders, with only Chihong Zn & Ge and Humon moving goods normally among other smelters. Downstream producers still expressed limited buying interest after lead prices rose, which was due largely to poor orders, towering inventories, as well as tight liquidity.