SHANGHAI, Oct. 8 (SMM) – Lead for November delivery on the Shanghai Futures Exchange, the most active contract, marched higher to RMB 13,830/mt during Monday’s night session after opening at RMB 13,740/mt. The price of the SHFE 1411 lead contract ended up RMB 70/mt at RMB 13,800/mt.
On Tuesday, SHFE lead initially surged to as high as RMB 13,920/mt, but later retreated to RMB 13,850-13,870/mt before ending up RMB 125/mt at RMB 13,855/mt. Trading volumes for the SHFE 1411 lead contract totaled 3,978 lots, and positions shed 712 lots to 15,502 lots.
In the Shanghai physical lead market, Chihong Zn & Ge and Nanfang brands traded Tuesday at RMB 13,780-13,800/mt, a RMB 80/mt discount to the most active SHFE 1411 lead contract. Lead smelters and traders barely moved goods, leaving prices firm on the market. Downstream producers largely stayed on the sidelines since most of them had finished building raw material inventories.