SHANGHAI, May 26(SMM) - SHFE 1507 lead finished up RMB 140/mt Monday night. LME lead rose on Tuesday thanks to China’s stimulus measures. As such, SHFE 1507 lead climbed RMB 190/mt to RMB 13,425/mt Tuesday as shorts exited market. In the afternoon business, the contract dropped against falling LME lead to roll back early gains and finally ended up RMB 15/mt at RMB 13,250/mt. Trading volumes totaled 3,876 lots while positions were down 624 to 13,008.
In spot market, Nanfang and Shuangyan (packed in plastic) brands traded RMB 500-550/mt higher than SHFE 1507 lead at RMB 13,900/mt, versus Hanjiang brand at RMB 13,830/mt. Some deals were made at RMB 13,450-13,550/mt for Baiyin and Shuangyan (packed in iron) Brands. Goods at Nanfang lead smelters already arrived to Shanghai but were mainly used to fill previous orders. Most traders’ branded goods also filled orders. Downstream buyers refused to purchase, leaving older goods to trade in the market. Branded goods in Henan quoted RMB 13,800-13,850/mt. Spot discounts against SMM lead in Hunan turned to a par due to tight supply.