SHANGHAI, Oct. 10 (SMM) – Lead for November delivery on the Shanghai Futures Exchange, the most active contract, rose to RMB 13,980/mt during Thursday’s night session, but later fell to end down RMB 20/mt at RMB 13,890/mt.
On Friday, SHFE lead initially dropped to RMB 13,815/mt, but later rebounded to RMB 13,880/mt before ending down RMB 105/mt at an intraday low of RMB 13,805/mt. Trading volumes for the SHFE 1411 lead contract totaled 2,472 lots, and positions shed 424 lots to 14,466 lots.
On the Shanghai physical lead market, Chihong Zn & Ge, Nanfang, and Chengyuan brands traded Friday at RMB 13,750/mt, a RMB 120-130/mt discount to the most active SHFE 1411 lead contract. Hanjiang and Humon brands were barely sold. Lead smelters remained disinclined to sell at low prices, with only Chihong Zn & Ge moving goods in light volumes. Traders held low inventories, and a small quantity of hedged goods flocked to the market. Downstream producers, with relatively sufficient raw material inventories, stayed on the sidelines after SHFE lead retreated. Trading activity slowed on Friday.