SHANGHAI, Oct. 10 (SMM) – SHFE 1512 lead gapped lower at RMB 13,300/mt for night trading Thursday and then moved narrowly in RMB 13,280-13,325/mt. Finally, the contract closed down RMB 70/mt or 0.52%. Trading volumes decreased 1,876 to 498 lots with positions down 48 to 11,934.

SHFE lead lurched up to RMB 13,630/mt on Friday as Glencore’s announced to cut 500,000 mt of zinc and 100,000 mt of lead. The contract finally ended RMB 175/mt or 1.31% higher at RMB 13,550/mt. Trading volumes totaled 5,476 lots and positions grew 1,532 to 13,514 with longs entering market.

In Shanghai market, Nanfang brand traded RMB 110-140/mt higher than SHFE 1512 lead at RMB 13,520-13,550/mt with some transactions done at RMB 13,550/mt. Mengzi brand settled at RMB 13,520/mt and RMB 13,500-13,520/mt for Humon brand.

Hechi Nanfang Nonferrous Metals Group and Shandong Humon Smelting moved goods out but market supply was still tight. Downstream buying was curbed by stocks built by producers previously and a rise in SHFE lead prices. As a result, trading activities subdued.