SHANGHAI, Jul. 27 (SMM) – SHFE 1510 lead was slow to drop versus LME lead, pushing SMM/LME lead price ratio up to 7.38. SHFE 1510 lead reached RMB 12,725/mt after opening last Friday evening session at RMB 12,600/mt, to close at RMB 12,690/mt, up RMB 35/mt.
SHFE lead soared to RMB 12,735/mt on Monday. Profits of China large industrials in June came in at RMB 588.6 billion, down 0.3%YoY, depressing base metal prices and thus SHFE lead dipped to RMB 12,640/mt. But later, the price grew to RMB 12,680-12,710/mt owing to growing long. China’s stocks plunged 8.48% and bad news came that Greece leftist hardliners plan a Greek exit, which pressed SHFE lead prices to RMB 12,635/mt, to end at RMB 12,680, up RMB 25/mt. Trading volumes totaled 1,864 and positions fell 12 to 16,182.