SHANGHAI, May 8 (SMM) –SHFE 1507 lead, the most-traded contract, started Wednesday evening session at RMB 13,840/mt and then lurched down to close at RMB 13,640/mt, falling RMB 275/mt. The contract moved lower at RMB 13,445/mt Thursday on growing short positions and ended the day at RMB 13,485/mt, slipping RMB 425/mt. Trading volumes totaled 13,254 lots. Positions surged 1,148.
In spot lead market, quotes were RMB 13,800-13,830/mt for Nanfang and Tongguan brands, a premium of RMB 200/mt to SHFE 1507 lead contract prices. Goods of Shuangyan brand (packed in iron) were offered at RMB 13,750/mt. Supply remained limited, and downstream buyers refrained from purchasing considering the high premiums. In Henan, branded lead quoted at RMB 13,770-13,850/mt.