SHANGHAI, Jul. 10 (SMM) – SHFE 1509 lead rebounded a lot during Wednesday evening session. The contract started at RMB 12,300/mt and closed at RMB 12,700/mt, growing RMB 365/mt.
China’s three major stocks hit daily upside limit, strengthening market confidence. SHFE 1509 lead rose to daily limit at RMB 12,825/mt on Thursday and them moved around RMB 12,800/mt, to finish up RMB 475/mt at RMB 12,810/mt. Trading volumes totaled 9,282 lots and positions fell 106 to 12,502.
SHFE lead followed China’s A-shares up to daily limit. Consequently, spot lead prices also jumped. Nanfang brand was offered RMB 400/mt higher than SHFE 1509 lead at RMB 13,200/m. Humon Smelting quoted price at RMB 13,140-13,150/mt and Nanfang and Shuangyan brands (packed in iron) were offered at RMB 12,980-13,050/mt.
The first shipment from Humon Smelting arrived to Shanghai after it completed maintenance last month. But lead availability in market was not sufficient. Downstream buyers still watched from the sidelines but a small number of buyers purchased on need.