SHANGHAI, Apr. 14 (SMM) – SHFE 1506 lead contract prices grew more slowly than LME lead early last week, with the SMM/LME lead price ratio once down to 6.45. But the contract rose by the daily limit last Friday, allowing the price ratio up to 6.7.
SMM expects SHFE lead to trade at RMB 13,000-13,500/mt this week.
Spot lead prices surged RMB 500-600/mt as smelters refrained from selling and bullish traders sourced goods aggressively. Downstream buyers were less willing to buy for fear of a fallback in prices. Prices in Henan and Jiangxi neared or exceeded SMM lead prices. Spot lead prices are expected to move higher to RMB 13,100-13,400/mt this week.