SHANGHAI, Jul. 23 (SMM) – Stronger dollar, concerns over China’s economy and current off-season for consumption, triggering bearishness in market again. SHFE 1510 lead started at RMB 12,915/mt during Tuesday evening session and lurched down to end at RMB 12,820/mt, down RMB 140/mt.
After starting Wednesday trading session, October lead on the SHFE moved stably around RMB12,800/mt and finished the day at a low of RMB 12,700/mt, slipping RMB 260/mt or 2.01%. Trading volumes totaled 2,634 lots and positions jumped 870 to 14,818.
In Shanghai market, Tongguan and Nanfang brands quoted RMB 13,130-13,180/mt, RMB 370-400/mt higher than SHFE 1510 lead and RMB 50/mt higher than SHFE 1508 lead. Though some offers quoted as high as RMB 13,200/mt, few deals were made.
Traded prices were RMB 13,000-13,020/mt for Shuangyan brand (packed in iron). YT brand lead from Yunnan’s Yunxi Smelter was offered at a premium of RMB 50/mt over SHFE 1508 lead with traded prices at RMB 13,130-13,160/mt.
Lead prices slipped RMB 100/mt July 22. Lead smelters held back sales. Downstream producers purchased some on July 21 and increased purchase at lows July 22. Trades picked up slightly July 22.