SHANGHAI, Jun. 25 (SMM) - HSBC’s China manufacturing PMI for June was better than forecast and Greece debt crisis eased, fueling investors’ confidence. In response, China’s A-share and base metals all increased.
SHFE 1508 lead opened Tuesday evening session at RMB 13,080/mt and moved around RMB 13,050/mt, to end at RMB 13,065/mt, up RMB 50/mt.
The contract advanced to RMB 13,200/mt after starting Wednesday trading session and touched an intra-day high of RMB 13,230/mt, to close up RMB 210/mt at RMB 13,225/mt. Total trading volumes were 5368 lots and positions grew 64 to 13,096.
Spot lead quoted RMB 230/mt higher over SHFE 1508 lead for Nanfang, Chengyuan and Tongguan brands. Ximai brand settled at RMB 13,300/mt in spot market.
Tongguan Nonferrous Metal Co. and Hechi Nanfang Nonferrous Metals Group shipped goods out as usual. Many smelters turned bullish due to the large growth in futures prices and thus they were moved limited goods out. Downstream producers showed little buying interest because of poor sales and tight liquidity, leaving trades quiet.
Branded lead in Henan was offered RMB 80-120/mt lower than SMM #1 lead average price. Delivered goods in Guangdong quoted RMB 13,320/mt with price lower than SHFE 1507 lead. Hunan and Jiangxi saw light trades.