SHANGHAI, May 4 (SMM) –Shanghai Futures Exchange was closed last Friday on the May Day holiday. The most active SHFE 1506 lead opened at RMB 13,830/mt Monday.
HSBC’s China manufacturing PMI for April released this morning was only 48.9, hitting a new low. The most active contract moved higher as poor April PMI added support to expectation for PBOC’s easing policy, to RMB 13,895/mt. The June-delivery lead ended the day at RMB 13,880/mt, up RMB 85/mt, gaining 0.62%. Trading volumes totaled 2,916 lots and positions dropped 50 to 13,845.
SHFE lead is expected to increase further on strong bull.