SHANGHAI, Apr. 15 (SMM) – SHFE 1506 lead contract prices opened at RMB 13,305/mt Monday evening, then remained stable until the end of trading, falling to close at RMB 13,140/mt, down RMB 225/mt. Trading volumes were 7,044 lots, and total positions grew 126 to 20,570.
The June delivery lead dropped to RMB 13,050/mt after opening on Tuesday and dipped as low as RMB 12,900/mt due partly to worries about China’s GDP data to be released Wednesday and faster declines in SHFE copper prices. SHFE 1506 lead ended at RMB 12,925/mt, down RMB 440/mt. Trading volumes were 19,678 lots, and positions shrank 1,602.
In spot market, quotations for the few goods of Chihon Zn & Ge held relatively firm at RMB 13,200/mt despite tumbling SHFE lead. Nanfang, Chengyuan and Tonguan offered RMB 13,130-13,150/mt, with premiums of about RMB 100/mt to SHFE 1506 lead contract. Humon brand was quoted at RMB 13,100-13,150/mt. Tight supply continued to bolster prices, while most downstream producers were cautious towards purchases. In Henan, smelters offered RMB 13,060-13,160/mt, and quotations in Guangdong were about RMB 0-60/mt lower than SHFE 1505 lead contract prices. Price offers for Nanfang declined to RMB 13,050/mt in Shanghai after SHFE lead fell around midday.