Lead Futures Moved Rangebound at High, Spot Market Sold Cargoes with Discounts

SHANGHAI, May 24(SMM) –

Shanghai market: Spot prices of Chihong and Jiangxi Copper lead stood at 15,145-15,155 yuan/mt with premiums of 0-10 yuan/mt over SHFE 2206 lead contract. In Jiangsu and Zhejiang market, spot prices of Jijin, Tongguan and Jiangxi Copper lead stood at 15,125-15,165 yuan/mt with a discount of 20 yuan/mt to a premium of 20 yuan/mt over SHFE 2206 lead contract. Lead futures moved rangebound at high with more available spot. Holders sold cargoes with discounts, while the downstream enterprises have a certain amount of inventory and less active in purchasing compared to last week. Some downstream enterprises purchased on rigid demand with modest transactions in the bulk market.

Other markets: SMM1# lead prices rose during the day. With limited available spot in the market, smelters quoted from 0 yuan/mt to a narrow premium. Deliverable brands held firm to the prices and quoted with higher premiums over the small orders. Downstream enterprises were less active in purchasing, mainly because some enterprises have restocked last week and many enterprises remained wait-and-see after the lead prices rose this week. Traders mainly purchased on rigid demand with modest transactions.