SHANGHAI, Aug. 3 (SMM) – SHFE 1510 lead still outperformed LME lead and thus SMM/LME lead price ratio reached 7.6. SHFE lead dived to RMB 12,930/mt after opening at RMB 13,070/mt for night trading Thursday, to close at RMB 13,010/mt, decreasing RMB 45/mt.
On Friday, SHFE lead remained range-bound between RMB 13,000-13,050/mt, to finally end at RMB 13,000/mt, down by RMB 55/mt. Trading volumes came in at 2,102 lots and positions increased 98 to 16,894.
Nanfang brand quoted RMB 13,280/mt in Shanghai on July 31, a premium of RMB 250/mt over SHFE 1510 lead, compared with RMB 13,260/mt for Humon and Hanjiang brands and RMB 13,150-13,180/mt for Shuangyan brand (packed in iron).
Only Western Mining moved goods and most traders gave their offers. Spot availability was short in market. Downstream buyers mainly bought under term contracts.