SHANGHAI, Jan. 12 (SMM) – Lead for March delivery on the Shanghai Futures Exchange, the most active contract, surged to RMB 12,520/mt after opening Thursday’s night session at RMB 12,455/mt, but later retreated to close up RMB 30/mt at RMB 12,425/mt.

SHFE lead initially fell to RMB 12,350/mt, but later rebounded to RMB 12,400-12,440/mt before ending up RMB 5/mt, or 0.04% at RMB 12,400/mt. Trading volumes for the most active contract shrank 2,284 lots to 6,522 lots, while positions gained 1,066 to 24,212.

Supplies from Chihong Zn & Ge and Chengyuan in Shanghai traded Friday at RMB 12,550-12,560/mt, a RMB 150/mt premium to the most active SHFE 1503 lead contract. Traded prices were RMB 12,520-12,540/mt for Humon and Yubei. Smelters curtailed sales on Friday, with the market dominated by hedged goods from traders, while downstream producers remained out of the market, leaving trading light.