Shanghai lead futures jumped as much as 9 percent on Tuesday, outpacing more widely traded metals contracts and adding to concerns about a speculative build-up in commodity prices. Industrial metals generally eased, with London copper falling 1 percent, giving up some gains after earlier strong support as the US dollar took a breather, equities flatlined and political risk resurfaced in Europe.
The most-traded lead contract on the Shanghai Futures Exchange rose 7.4 percent within a few minutes of the start of trading, before recoiling to end the afternoon session 4 percent up at 21,865 yuan ($3,173) a tonne. The most-traded SFE copper contract also turned negative, closing 4 percent weaker at 46,610 yuan ($6,763) a tonne. Shanghai zinc finished the session 0.36 percent higher at 23,780 yuan ($3,450) a tonne.