SHANGHAI, May 19 (SMM) – SHFE 1507 lead prices moved up with Chinese shares and touched a high of RMB 13,435/mt, and hovered near RMB 13,420/mt. The prices finally closed at RMB 13,335/mt, down RMB 40/mt.
In domestic lead market, spot supply in branded lead tightened and thus few trades were made. Spot market was mainly filled with old goods. Hanjiang and Shuangyan (packed in iron) brands quoted RMB 13,850-13,880/mt. Honglu brand was offered a RMB 100/mt premium over SHFE 1506 lead at RMB 13,550-13,580/mt. Lead smelters and traders held back sales with the later rushing to purchase. Wait-and-see posture overshadowed downstream producers and high spot prices forced them mainly to buy under term contract. Some downstream buyers switched to secondary lead, leaving trades muted. Quotes in Henan were RMB 13,800-13,850/mt for branded one.