SHANGHAI, Aug. 7 (SMM) – The most active SHFE 1410 lead contract started Tuesday’s night session at RMB 14,840/mt, and later followed LME lead price down to RMB 14,700/mt before ending RMB 245/mt, or 1.64% lower at RMB 14,730/mt. During the night session, trading volumes totaled 51,100 lots, and positions added 1,558 lots to 42,604 lots.
SHFE lead prices rose to RMB 14,785/mt during the morning trading session, but fell to as low as RMB 14,660/mt subsequently to close down RMB 285/mt at RMB 14,690/mt. Trading volumes for the SHFE 1410 lead contract were 82,272 lots, and positions were off 1,956 lots to 39,090 lots.
In the Shanghai physical lead market, quotations for goods from Chihong Zn & Ge were initially at RMB 14,670-14,680/mt, but later fell to RMB 14,650/mt due to light transactions. Traded prices were RMB 14,650/mt for Chengyuan and Nanfang brands, and RMB 14,620/mt for Humon brand. Although lead smelters were willing to move goods on Wednesday, traders and downstream producers stayed on the sidelines following a sharp fall in lead prices, leaving extremely sluggish trading.