SHANGHAI, Jun. 24 (SMM) – Prices for the most active SHFE 1408 lead contract surged briefly to RMB 14,275/mt after starting Monday’s night session higher at RMB 14,170/mt, but later fell back to end up RMB 50/mt at RMB 14,170/mt. During the night session, trading volumes for the most active contract reached 892 lots, and positions expanded 368 lots to 7,246 lots.

On Tuesday, SHFE lead prices initially followed LME lead prices down, but later steadied around RMB 14,145/mt before ending up RMB 25/mt, or 0.18%, at RMB 14,145/mt. Trading volumes for the most active contract added 1,260 lots to 2,758 lots, and positions increased 292 lots to 7,170 lots. Total trading volumes rose by nearly 3,000 lots to around 6,000 lots, and total positions increased 1,106 lots to 17,000 lots on Tuesday. SHFE lead prices are expected to trade in ranges for the near term.