SHANGHAI, Jul. 16 (SMM) – SHFE 1509 lead started at RMB 13,155/mt during Tuesday evening session and closed at RMB 13,205/mt, up RMB 45/mt, with the low-end price at RMB 13,065/mt.
China’s GDP for Q2 improved over forecast. But SHFE 1509 lead met strong resistance at the 60-day moving average, to close at RMB 13,180/mt, growing RMB 25/mt or 0.19%. Trading volumes fell 1,138 to 4,496 lots and positions dropped 334 to 12,566.
In Shanghai market, mainstream prices were RMB 13,350-13,380/mt for Nanfang, Hanjiang, Humon, Dongling and Tongguan brands, premiums of RMB 200/mt over SHFE 1509 lead. Shuangyan brand (packed in iron) quoted RMB 13,200-13,260/mt.
More traders gave their price offers with spot supply up in market as shipments from Jincheng Chengyuan Smelting and Hechi Nanfang Nonferrous Metal Group arrived and as Shandong Humon Smelting also moved goods out. Some large producers increased purchase July 15 with famous lead lacking for previous two days following the typhoon. Other downstream buyers only purchased for immediate requirements.