SHANGHAI, May 29 (SMM) - After SHFE 1507 lead opening Friday trading session, the contract soared to RMB 13,400/mt due to rebounding China’s A-share and shorts’ gathering strength and finally ended up RMB 60/mt at RMB 13,415/mt.
Lead futures prices rose but spot lead prices remained flat in spot market. Baiyin (packed in plastic), Hanjiang and Shuangyan brands traded at RMB 13,850/mt, a RMB 480/mt premium over SHFE 1507 lead. Shuangyan (packed in iron) and Honglu brands settled at RMB 13,440-13,480/mt.
Lead smelters planed to fill orders next week with goods arriving then. Few downstream producers purchased due to tight liquidity at the end of the month. Thus, trades failed to pick up today.
Spot supply in Henan increased while downstream buyers cut purchase at RMB 13,750-13,850/mt. Besides, deals were made at RMB 13,380-13,500/mt in Guangdong.