SHANGHAI, Jun. 18 (SMM) – The most active SHFE 1408 lead contract followed LME lead prices up to RMB 14,090/mt after starting Tuesday’s night session at a low of RMB 13,990/mt, and ended up RMB 75/mt, or 0.54%, at RMB 14,040/mt. During the night session, a total of 636 lots were traded, the highest trading volumes since May 9.
Data from the National Bureau of Statistics (NBS) show that new residential real estate prices in 35 cities among 70 major Chinese medium and large cities fell in May from a month ago, in relation to only 8 cities in April. The weakening property market weighed down base metals markets as a whole. In response, SHFE lead prices dipped to as low as RMB 13,975/mt after advancing to RMB 14,000/mt, and closed up RMB 5/mt at RMB 13,975/mt. Trading volumes totaled 982 lots, and positions lost 66 lots to 5,644 lots. SHFE lead prices are now stuck around the RMB 14,000/mt mark.