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Shanghai Metal Market: Lead prices surge then retreat, downstream buyers accept on dips
Today Shanghai Metal Market #1 Lead Spot Price: 16,550-16,700 RMB/ton, average 16,625 RMB/ton, unchanged from the previous trading day, trading at a premium of 240-90 RMB/ton over the 2606 contract. Lead prices surged then fell back; by midday close, Shanghai lead main contract dropped 60 RMB/ton, a decline of 0.36%. Today’s lead market trading seems to have warmed up; downstream replenishment demand after the holiday is present, and after the price decline today, the buying sentiment remains decent. (SHMET)