SHANGHAI, Jul. 1 (SMM) - SHFE 1508 lead moved in a range of RMB 12,710-12,800/mt during Monday evening session.
The contract advanced to RMB 12,920/mt during morning session Tuesday as good news appeared that China’s pension funds in individual accounts of basic old-age pension can be used in securities investment and that stamp tax is lowered. But the price fell to RMB 12,800-12,830/mt due to dropping stocks and finished at RMB 12,795/mt, losing RMB 205/mt. Trading volumes totaled 4,462 lots and positions rose 744 to 13,850.
In Shanghai’s spot market, traded price were RMB 370/mt higher than SHFE 1508 lead at RMB 13,200/mt for Nanfang and Tongguan brands with the price quoting at RMB 13,230/mt earlier.
Smelters still held back sales while traders were keen to sell spot lead to buy futures with spot premiums up. Few downstream buyers purchased owing to tight liquidity on the last day of June.