SHANGHAI, May 7 (SMM) –The contract moved lower to RMB 13,840/mt after opening Wednesday morning session and soon rose fast to hover between RMB 13,910-13,970/mt, to finish at RMB 13,910/mt, up RMB 105/mt.SMM/LME lead price ratio rebounded above 6.5 today as some investors sold foreign goods and bought domestic ones.
In spot lead market, quotes were RMB 14,000-14,030/mt for Tongguan brand, RMB 80-100/mt higher than SHFE 1507 lead contract prices. Qinyuan and Hangjiang brands were offered at RMB 14,000/mt. Only Tongguan shipped out some goods, and traders sourced goods actively on low inventories. Downstream buyers still refrained from buying or turned to secondary refined lead. In Henan, traded prices were RMB 50/mt higher than SMM #1 lead prices. Gejiu’s goods quoted at RMB 13,750-13,790/mt in Guangdong.