SHFE Lead Weakens, Regional Spot Discount Variations as Supply Imbalances Persist

【Shanghai Lead Spot: SHFE Lead Continuously Weakens, Narrowing of Spot Discounts Varies Across Regions】

SMM, August 19: Tongguan Lead in the Shanghai market quoted at parity with SHFE Lead contract 2409; Jiangxi Copper and Tongguan Lead in Jiangsu and Zhejiang regions quoted a premium of RMB 0-30/tonne against SHFE Lead contract 2409. SHFE Lead experienced a weak and volatile trend, with traders adjusting their quotes in line with market conditions, maintaining quotes and premiums/discounts near parity levels. Meanwhile, there were significant regional differences in the supply of factory-delivered goods, with southern China continuing to offer SMM 1# lead at a discount of RMB 200-100/tonne against the average price. In addition, secondary lead smelters showed decreased enthusiasm for selling at low prices....