SHANGHAI, Nov. 13 (SMM) – Lead for January delivery on the Shanghai Futures Exchange, the most active contract, fluctuated at RMB 13,490-13,540/mt during Tuesday’s night session after opening at RMB 13,510/mt, and ended flat at RMB 13,520/mt.
On Wednesday, SHFE lead hovered largely at RMB 13,515-13,530/mt, and finished up RMB 5/mt, or 0.04%, at RMB 13,525/mt. Trading volumes for the SHFE 1501 lead contract totaled 2,028 lots, and positions gained 490 lots to 15,512 lots.
Chihong Zn & Ge and Tongguan brands in Shanghai traded on Wednesday at RMB 13,540-13,550/mt, a RMB 20/mt premium to the most active SHFE 1501 lead contract. Hanjiang and Humon brands were sold at RMB 13,530-13,540/mt. Lead smelters moved goods at a steady pace, whereas traders ramped up sales against tightening cash flows. At the same time, downstream producers stepped up bargain-hunting on Wednesday on a bullish price outlook.