SHANGHAI, Aug. 5 (SMM) – Base metal prices were depressed by soft data from China and US, stronger dollar and tumbling crude oil prices on Monday evening. SHFE 1510 lead dived to RMB 12,650/mt for night trading Monday and finally ended down RMB 230/mt at RMB 12,740/mt.
On Tuesday, China’s A-shares rallied, supporting base metal prices. SHFE lead moved around RMB 12,750/mt and ended at RMB 12,855/mt, down by RMB 115/mt. Trading volumes were 5,074 lots and positions rose 114 to 17,350.
Trades remained light in Shanghai on August 4. Lead smelters were resultant to shop goods out after price slumps in lead. Only Shandong Humon Smelting Co. and Hechi Nanfang Nonferrous Metals Group Co. moved a small number of goods. Spot supply thus stayed tight in market. However, downstream buyers did not build stocks and turned to watch from the sidelines after the price falls.
Nanfang brand settled RMB 400/mt higher than SHFE 1510 lead at RMB 13,150/mt. Mainstream prices were RMB 13,100-13,130/mt for Humon brand, versus RMB 13,080/mt for Jinyuteng brand and RMB 13,000/mt for Shuangyan brand (packed in iron).