SHANGHAI, May 12 (SMM) - The most-traded SHFE 1507 lead dived to RMB 13,360/mt after opening Monday’s evening session at RMB 13,450/mt. The contract ended down RMB 110/mt at RMB 13,395/mt. SHFE 1507 lead dipped to RMB 13,295/mt Tuesday and finished the day at RMB 13,320/mt, down RMB 185/mt or 1.37%. Total trading volumes were up 1,246 to 7,050 lots while positions were down 134 to 15,628.
In spot lead market, Chengyuan and Tongguan quoted RMB 13,680-13,700, RMB 330-350/mt higher than SHFE 1507 lead contract price. Shuangyan (packed in iron) brand was offered at RMB 13,600/mt. Only Tongguan sold in limited amount and some hedged goods traded in the market. Most traders increased purchase but rarely sold due to limited stocks. Downstream producers remained bearish in response to falling SHFE 1507 lead. Goods in Henan traded at RMB 13,625-13,700/mt. Lead smelters in Hunan and Jiangxi mainly sold under term contract.