SHANGHAI, Jul. 15 (SMM) – During Monday night session, SHFE 1509 lead started at RMB 13,040/mt and ended the session at RMB 13,190/mt.
China’s new RMB loans for June and M2 supply balance beat forecasts on Tuesday. SHFE lead responded by advancing above RMB 13,220/mt but later the price slipped to RMB 13,100/mt due to strengthening dollar and falling crude oil prices. The contract finally finished up RMB 390/mt or 3.23% at RMB 13,255/mt thanks to reducing shorts.Trading volumes came in at 5,634 lots with positions up 402 to 12,900.
Spot lead prices followed LME lead and domestic lead futures prices up thanks to eased Greek crisis. Nanfang and Chengyuan brands quoted at RMB 13,400/mt. Humon and Hanjiang brands were offered at a premium of RMB 150/mt over SHFE 1509 lead at RMB 13,350-13,360/mt, compared with RMB 13,220-13,270/mt for Shuangyan brand (packed in iron).
Shandong Humon Smelting and Western Mining shipped goods out. Chengyuan and Nanfang brands quoted high as shipments have not arrived yet. Downstream buyers mainly bought under term contract after spot prices surged. Branded lead prices in Henan were almost the same as those in Shanghai, boding well for Shanghai market.