SHANGHAI, May 19 (SMM) – SHFE 1507 lead suffered a sell-off after peaking at RMB 13,675/mt, falling back to RMB 13,300/mt. More long positions closed as shorts entered the market. SHFE 1507 lead should fluctuate between RMB 13,000-13,500/mt under pressure from a sell-off.
The spot lead price in China dropped just RMB 50/mt against the larger decline in LME lead and SHFE 1507 lead. Few cargo holders sold and a wait-and-see posture overshadowed the downstream market. Henan lead smelters held back sales against a dip in the spot price.