SHANGHAI, Jun. 5 (SMM) – SHFE 1508 lead started at RMB 13,110/mt during night session Wednesday and touched RMB 13,180/mt, to end down RMB 105/mt at RMB 13,070/mt as longs left market.
The contract hit a high of RMB 13,240/mt after opening Thursday session and finished at RMB 13,215/mt, up RMB 40/mt or 0.3%. Trading volumes jumped 918 to 3,774 lots whilst positions fell 94 to 10,862.
Nanfang and Chengyuan brands traded at RMB 510/mt higher than SHFE 1508 lead contract price at RMB 13,680-13,710/mt with Shuangyan (packed in iron) and older Honglu brand goods settling at RMB 13,350/mt.
China’s spot supply hiked as lead smelters sold goods as usual and some hedged goods from traders entered market. Downstream buyers refused to buy branded refined lead at highs in Shanghai due to marked price advantage of secondary lead.
Branded goods in Henan were offered a par to SMM price average at RMB 13,580-13,630/mt.