SHANGHAI, May 27 (SMM) - China’s April large manufacturers’ profits rose 2.6% YoY, boding well for SHFE 1507 lead. The contract fluctuated between RMB 13,280-13,330/mt, to end down RMB 25/mt at RMB 13,310/mt. Positions of SHFE 1507 lead grew 930.
In spot market, Shuangyan (packed in plastic) brand was offered a RMB 580/mt premium over SHFE 1507 lead at RMB 13,900/mt, versus Hanjiang brand at RMB 13,850/mt, Honglu (packed in plastic) at RMB 13,600/mt and Shuangyan (packed in iron) and Honglu brands at RMB 13,430-13,450/mt. Lead smelters held back sales. Some Chengyuan and Nanfang goods from Guangdong have arrived to Shanghai, but they were mainly used to fill previous orders. On the other hand, downstream producers purchase on need due to tight liquidity by the end of the month and big price gap between secondary and refined lead, leaving trades quiet. Branded goods in Henan traded at RMB 13,800-13,820/mt with modest growth in supply and at RMB 13,430/mt in Guangdong.