SHANGHAI, Jun. 12 (SMM) – The most active SHFE 1408 lead contract hovered at RMB 14,100/mt after starting Tuesday’s night session at RMB 14,045/mt, and closed up RMB 25/mt at RMB 14,090/mt. During the night session, traded volumes for the most active contract reached 322 lots, and positions lost 34 lots to 5,250 lots.
On Wednesday, SHFE lead prices rose as high as to RMB 14,340/mt, but later fell back to end up RMB 40/mt at RMB 14,105/mt. Traded volumes increased sharply to 1,972 lots, and positions expanded 188 lots to 5,472 lots.
In China’s physical lead markets, quotations for goods from Chihong Zn & Ge initially were above RMB 14,000/mt, but later fell to RMB 13,980/mt, at a broader 160-170/mt discount over the most active SHFE 1408 lead contract. Traded prices were around RMB 13,975/mt for Nanfang and Tongguan resources and RMB 13,950-13,960/mt for Humon brand and Shuangyan supply wrapped with plastic sheet. Traders and downstream producers were cautious about buying with a wait-and-see view towards lead price movements.