Chinese Lead, Zinc Scrap prices drop in line with SHFE Lead, Zinc Futures

CHINA January 11 2016 3:35 PM     

SHANGHAI (Scrap Register):  Chinese lead and zinc scrap prices dropped on Scrap Register Price Index as on  Friday in line with lead and zinc futures prices at Shanghai Futures Exchange as  China worked to calm markets that were plunged into turmoil this week on concern  that the economy in the Asian nation is worsening.

According to the Scrap  Register Price Index, the major Chinese lead and zinc scrap commodities traded  down on Friday. The major scrap commodities like lead, lead weight, soft lead,  zinc scrap, zinc die cast (old) and zinc die cast with lead showed down trend on  Friday.

The most  active 1603 zinc contract on the Shanghai Futures Exchange settled lower by  1.15% to 12,840 yuan per ton on Friday from the previous close of 12,990 yuan  per ton. The SHFE zinc prices touched an intra-day high of 12,965 yuan per ton  and an intra-day low of 12,670 yuan per ton during Friday.

The most  active 1603 lead contract on the Shanghai Futures Exchange settled lower by  1.53% to 12,835 yuan per ton on Friday from the previous close of 13,035 yuan  per ton. The SHFE lead prices touched an intra-day high of 12,950 yuan per ton  and an intra-day low of 12,715 yuan per ton during Friday.

Concerns over  Chinese slowdown still exist, remaining a drag on commodity market. China's  consumer inflation barely edged up in December while companies' factory-gate  prices continued to fall, adding to concerns about growing deflation risks in  the world's second-largest economy.

In line with sluggish activity,  China's consumer inflation quickened slightly to 1.6 percent year-on-year in  December, as expected, compared with 1.5 percent the previous month.