SHANGHAI, Apr. 16 (SMM) – Economic indicators, including China’s March industrial added value, fixed assets investment and Q1 GDP, were far below expectation, weighing on the June delivery SHFE lead prices to RMB 13,080/mt. But later SHFE 1506 lead ended at RMB 13,180/mt, up RMB 105/mt, thanks to expectations for more policy stimulus in China.
Trading volumes totaled 11,186 lots and positions fell 1,052 to 17,790 with short positions falling more than long positions.
Quotations were about RMB 13,300/mt for Chihong Zn&Ge’s goods, and the few goods of Chengyuan were offered at RMB 13,170/mt, a premium of RMB 80/mt to SHFE 1506 lead contract. Humon offered RMB 13,130-13,140/mt. Smelters remained unwilling to sell, and traders also rarely made quotations after premiums declined. Downstream buyers refused to buy at highs as well. In Henanm smelters continued to raise price offers to premiums of RMB 0-100/mt against SMM refined lead prices. In Guangdong and Jiangxi, trades picked up as some downstream buyers had to source goods to meet production needs.
