SHANGHAI, May 4 (SMM) – The most active SHFE 1506 lead hovered between RMB 13,750-13,850/mt Thursday and closed the day at RMB 13,790/mt, up RMB 65/mt. Trading volumes totaled 5,512 lots and positions dropped 1,244 to 13,776. SHFE lead moved temporarily at high prices on upbeat expectation for China’s stimulus measures.
In spot lead market, Nanfang, Humon and Tongguan brands quoted RMB 13,900-13,920/mt, with premiums of RMB 130-150/mt to SHFE 1506 lead contract prices. Shuangyan and Hanjiang brands quoted at RMB 13,870/mt, and Honglu was offered at discount of RMB 50/mt to SHFE 1506 lead contract. Smelters raised price offers and cut shipments, and some goods stored in warehouses for a long period were shipped out with downstream buyers replenishing stocks. Supply remained tight in Henan, and demand was robust in Jiangxi. In Guangdong, goods from Yunnan’s Gejiu region traded at RB 13,610/mt.