SHANGHAI, Jun. 26 (SMM) – Prices for the most active SHFE 1408 lead contract dipped to as low as RMB 14,120/mt after starting Tuesday’s night session at RMB 14,165/mt, but later rebounded slightly to close down RMB 25/mt at RMB 14,145/mt. During the night session, trading volumes fell sharply to 118 lots, and positions added 14 lots to 7,184 lots.

On Wednesday, SHFE lead prices initially advanced to a high of RMB 14,165/mt, but tracked LME lead prices down subsequently to end down RMB 55/mt at RMB 14,115/mt. Trading volumes for the most active contract totaled 1,120 lots, and positions decreased 98 lots to 7,072 lots.

In the Shanghai physical lead market, goods from Chihong Zn & Ge were offered Wednesday at RMB 13,960/mt, but traded lower at RMB 13,930-13,940/mt, a higher RMB 200/mt discount over the most active SHFE 1408 lead contract. Traded prices were RMB 13,950/mt for Tongguan brand, RMB 13,930/mt for Chengyuan and Nanfang brands, and RMB 13,910-13,920/mt for Hanjiang and Shuangyan brands. Lead smelters ramped up deliveries at the end of June, sending physical prices down around RMB 40/mt from Tuesday’s levels, but downstream producers showed lower buying interest on Wednesday.