SHANGHAI, Jun. 4 (SMM) – China’s May PMI was reported down from the previous figures both according to HSBC and China Federation of Logistics & Purchasing. SHFE lead prices opened at RMB 15,030/mt and rose to RMB 15,085/mt due to buying support but fell slightly in the afternoon influenced by domestic stocks. At the tail of trading, prices rallied again to close at RMB 15,080/mt. Trading volumes decreased by 114 lots to 134 lots, while positions were up 64 lots to 2,120 lots.
In China’s domestic spot market, quotations were rare as market remained cautious waiting for US nonfarm payrolls. Quotations for Chihong Zn & Ge were at RMB 15,160/mt, while Hengchang was quoted at RMB 15,000/mt. Transactions were limited with both sellers and buyers waiting on the sidelines.