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Shanghai Metal Market: Lead prices hover at low levels, downstream just-in-time stockpiling
Today Shanghai Metal Market #1 Lead Spot Price: 16,350-16,500 RMB/ton, average 16,425 RMB/ton, up 50 RMB/ton from the previous trading day. The price is quoted at a discount of 210-60 RMB/ton to the 2602 contract. Today, lead prices remain at a low level. As of midday close, the Shanghai lead main contract slightly increased by 55 RMB/ton, a rise of 0.33%. The spot market trading is quiet today, with downstream procurement winding down. Lead prices continue to bottom out, with most enterprises maintaining just-in-time stockpiling mainly for necessity. The spot remains at a discount, with limited volatility. (SHMET)