SHANGHAI, Apr. 17 (SMM) – The most active SHFE 1506 lead opened at RMB 13,150/mt, then hitting a high of RMB 13,325/mt for growing long positions. The June delivery lead ended at RMB 13,240/mt, up RMB 140/mt.
SHFE lead outperformed other base metals and the most active SHFE 1506 lead reached as high as RMB 13,365/mt early, but then decreased to RMB 13,175/mt as long investors booked profits. The June delivery lead prices were closed at RMB 13,290/mt, up RMB 190/mt, gaining 1.45%.
Trading volumes increased 4,578 lots to 15,764 lots and positions dropped 552 to 17,238. SHFE lead is expected to remain strong with long positions increasing more than short positions.
Quotes were RMB 13,280-13,290/mt for Nanfang’s goods, with premiums of RMB 40-50/mt to SHFE 1506 lead contract prices. Humon and Hanjiang brands were offered at RMB 13,250-13,260/mt. Traders found it difficult to replenish stocks, and downstream buyers purchased in small amounts. In Hunan, lead prices were RMB 13,250-13,300/mt.