SHANGHAI, Jun. 12 (SMM) – SHFE 1508 lead started at RMB 13,260/mt and ended down RMB 15/mt at RMB 13,205/mt Wednesday evening session with the session low at RMB 13,200/mt.
The contract touched a low of RMB 13,155/mt on Thursday as slower growth in China’s investment triggered worries that its economy developing speed will slip, to finish the day at RMB 13,165/mt, down RMB 55/mt or 0.42%. Trading volumes dropped 1,622 to 2,802 lots with positions down 90 to 12,018.
In China’s spot lead market, Nanfang brand quoted RMB 13,720/mt Thursday, a RMB 600/mt premium over SHFE 1508 lead. Shuangyan (packed in plastic) settled at RMB 13,700/mt, RMB 13,450/mt for the same brand (packed in iron) and RMB 13,385/mt for old Honglu brand goods.
Branded goods were hard to source in Shanghai market with smelters’ reluctance in sales. Meanwhile, end-user consumption was poor. Deals were made at RMB 13,500-13,600/mt in Henan market. Supply shortfalls in Guangdong resulted from shipments to Jiangxi and suppliers’ shipping problems. Thus, only some Gejiu’s goods quoted RMB 13,400/mt there.