SHANGHAI, Mar. 27 (SMM) – SHFE 1505 lead contract prices opened at RMB 12,495/mt Wednesday evening, and climbed to RMB 12,540/mt, but inched lower to RMB 12,475/mt later on, and closed at RMB 12,490/mt, up RMB 45/mt.

SHFE lead for May delivery fell to RMB 12,450/mt after opening on Thursday but rallied later as Yemen’s crisis pushed up crude oil prices and due to opening of the Asian Boao Forum. The prices finished at RMB 12,495/mt, up RMB 50/mt Total trading volumes were 2,482 lots, and positions declined 548.

In spot lead market, prices for Chihong brand were offered at RMB 12,450-12,460/mt, a discount of RMB 10/mt to SHFE 1505 lead contract prices. Goods of Nanfang and Chengyuan quoted at RMB 12,400-12,410/mt. Lead smelters cut shipments, while downstream buyers increased purchases. However, most large producers only bought on needs. Lead in Henan offered at discounts of RMB 70-100/mt to SMM lead prices.