SHANGHAI, Aug. 24 (SMM) – In Shanghai, Yuguang lead was offered at 19,730-19,780 yuan per tonne, or premiums of 130-180 yuan per tonne against SHFE 1710 lead. Shuangyan lead was offered at 19,680-19,710 yuan per tonne, 80-110 higher against the same contract. Traders increased selling interest and made offers based on market conditions after SHFE 1710 lead dropped. Downstream battery producers replenished stocks at low prices, leading to poor transaction.
In Guangdong, offers of Shuikoushan lead were at 19,825 yuan per tonne, 200 yuan per tonne higher than average SMM #1 lead price, and ex-works price of Nafang lead was 120 yuan per tonne higher at 19,720 yuan per tonne. Few offers from other smelters were heard. Cargo holders made firm offers in response to tight supply, and downstream producers increased inquiries, resulting in modest transaction.
In Henan, Jiyuan Wanyang, Minshan and Zhicheng only supplied goods for term contracts due to supply shortage. Spot transaction offered by Jinli Gold & Lead Group was 19,825 yuan per tonnes, which was at premiums of 200 yuan per tonne against average SMM #1 lead price, and 19,775 yuan per tonne was from Xinling Lead Industry, 150 yuan per tonne higher. Lead smelters in face of tight supply made firm offers, and downstream battery producers expanded purchases, improving transaction.
Jiangxi Jinde Lead Industry, Hunan Yuteng Nonferrous Metals and Yinxing Nonferrous Metals posted supply tightness. Spot transaction offered by Zhongde Smelting was 19,675 yuan per tonne, 50 yuan per tonne higher than SMM #1 lead price. Gejiu Shadian mainly supplied goods for term contracts.
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