SHANGHAI, Mar 1 (SMM) – Shanghai nonferrous metals mostly closed with gains as the market sentiment eased on Russia-Ukraine talks though it did not reach desired results.

Lead: The most-traded SHFE 2204 lead closed up 0.32% or 50 yuan/mt at 15,585 yuan/mt, with open interest down 308 lots to 56,178 lots.

In the spot market, primary lead smelters basically maintained the discounts unchanged, while real transactions were thin. The market mainly traded under long-term orders. Some downstream companies are expected to restock through small orders in mid or late March as they have been bearish on lead prices.

Lead-acid battery scrap is quoted with taxes starting from today, and the procurement costs of secondary refined lead smelters rose, hence the demand was low in the initial stage. Secondary refined lead smelters were cautious in making shipments, and quoted with discounts of 225-300 yuan/mt over SMM #1 lead.

The spot market was still muted today. Lead brand of Tongguan in Shanghai was offered between 15,500-15,530 yuan/mt, or in discounts of 30-0 yuan/mt over SHFE 2203. Brands of Jijin, Jiangtong, Tongguan and Mulun in Zhejiang and Jiangsu were offered at 15,490-15,530 yuan/mt or in discounts of 40-0 yuan/mt over SHFE 2203. The downstream, however, was still wait-and-see.