SHANGHAI, Jul. 3 (SMM) – SHFE 1508 lead started at RMB 12,840/mt during Wednesday evening session and moved between RMB 12,800-12,900/mt, to finally close up RMB 190/mt at RMB12,850/mt.
Market players turned more optimistic Thursday and metals prices grew across the board. The August-delivery lead on the SHFE closed Thursday trading session at RMB 13,100/mt, up RMB 440/mt or 3.48%.
Nanfang, Chengyuan, Tongguan and Hanjiang brands quoted RMB 13,230-13,250/mt in Shanghai market Thursday with spot premiums falling to RMB 270-280/mt over SHFE 1508 lead.
Spot supply increased as Hechi Nanfang Nonferrous Metals Group Co., Guangxi Chengyuan Mining&Smelting Co. and Western Mining Co. all shipped goods out. Futures prices surged unexpectedly on Thursday and downstream producers responded by watching from sidelines. As a result, trading declined slightly yesterday.