SHANGHAI, May 14 (SMM) - SHFE 1507 lead dipped to RMB 13,405/mt after opening at RMB 13,580/mt Wednesday night. The metal ended at RMB 13,455/mt, falling RMB 35/mt. The contract fell back to RMB 13,410/mt after starting Thursday’s trading session and then found support at RMB 13,400/mt to touch RMB 13,570/mt. The July delivery lead contract finished at RMB 13,550/mt, climbing RMB 60/mt or 0.44%. Trading volumes dropped 1,086 to 5,860 lots and positions fell 266 to 15,068.
In China’s spot market, Nanfang brand traded at RMB 13,810-13,900/mt and Tongguan brand was offered a RMB 300-400/mt premium over SHFE 1507 lead at RMB 13,800/mt. Honglu goods were RMB 50/mt higher than SHFE 1506 lead contract price. Quote was RMB 13,650/mt for Shuangyan (packed in iron) brand. Those lead smelters showed little selling interest and traders also held back goods for limited stocks. Trades were depressed by high spot prices.