SHANGHAI, Apr. 13 (SMM) – The June delivery SHFE lead climbed on Friday aided by better-than-expected Chinese CPI and PPI data, and increased by the daily limit in the afternoon to close at RMB 13,270/mt, up RMB 510/mt. Trading volumes doubled to 13,692 lots, and positions rose by 2,134. But some long investors may book profits after the strong rally.
Spot lead prices surged, with Chengyuan’s goods offered at RMB 13,100/mt, and goods of Humon and Hanjiang quoted at RMB 13,000/mt. Later, Chengyuan and Nanfang’s lead was offered at discounts of RMB 0-10/mt to SHFE 1505 lead contract, with traded up further to RMB 13,200/mt. Smelters were more reluctant to sell, while downstream buyers refrained from buying for fear of a pullback in prices. Spot goods were offered at RMB 13,050-13,100/mt in Henan, and prices in Jiangxi were on par with SMM refined lead prices.