SHANGHAI, Jun. 15 (SMM) – SHFE 1508 lead started Thursday evening at RMB 13,135/mt and dived to RMB 12,890/mt, to end at RMB 12,915/mt, down RMB 310/mt.
The contract rebounded to RMB 12,965/mt after opening Friday trading session, to close at RMB 12,835/mt, falling RMB 390/mt. Trading volumes totaled 7,256 lots with positions up 42 to 12,060.
In domestic spot lead market, Nanfang and Shuangyan (packed in plastic) brands quoted at RMB 13,500-13,550/mt with deals made at RMB 13,500/mt, a RMB 700/mt premium over SHFE 1508 lead. Shuangyan (packed in iron) and Honglu brands were offered at RMB 13,230-13,250/mt.
Hechi Nanfang Nonferrous Metals Group shipped out a small number of goods with shortage of branded lead in the market. Downstream buyers were unwilling to purchase in anticipation of further price cut last Friday.
Trades were left quiet in Henan market with branded goods price at RMB 13,310-13,450/mt. Spot supply was still tight in Guangdong, which was only filled with some Gejiu’s goods of RMB 13,220-13,300/mt. Spot discounts on Hunan’s goods were RMB 70-180/mt against SMM #1 average price. Spot premium disappeared in Jiangxi against SMM lead price.