SHFE Lead Rebounded, and the Spot Transactions were Poor Before National Day

SHANGHAI, Sep 29 (SMM) - SHFE lead 2211 contract rose after the opening last night, and fluctuated sideways after hitting the highest point at 14,985 yuan/mt. Today, SHFE lead rose to the highest point at 15,040 yuan/mt and fell slightly. SHFE 2210 lead contract closed at 15,025 yuan/mt, up 1.11% as of noon. The open interest was 49,788 lots, down 3,922 lots from yesterday.

In the spot market of secondary lead, most smelters raised their quotations, but the increase was limited. The overall discounts over SMM 1# lead ingots expanded to around 125-50 yuan/mt. Recently, the transportation of secondary refined lead smelters in the Jieshou, Anhui was restricted due to the impact of pandemic. Some smelters still suspend trading and stop quotations but they still maintained normal production for the time being. Before the holiday, most downstream enterprises completed stockpiling. As the lead prices rose today, the purchasing sentiment dropped significantly, and the transactions in the spot market of secondary refined lead were thin.