SHANGHAI, Jul. 20 (SMM) – SHFE 1509 lead started at RMB 13,045/mt during Thursday evening session and then fluctuated between RMB 13,050-13,130/mt, to finish at RMB 13,080/mt, losing RMB 50/mt.
Today was the delivery day for China stock-index futures including IF1507, IH1507and IC1507, allowing the Shanghai Composite Index to be near 4,000, fueling market confidence. SHFE 1509 lead reached RMB 13,190/mt on Friday but later dropped with longs closing positions, to close at RMB 13,115/mt, falling RMB 15/mt. Trading volumes totaled 3,396 lots with positions down 100 to 12,524.
In spot lead market, Nanfang and Chengyuan brands quoted RMB 13,350/mt, RMB 250/mt higher than SHFE 1509 lead, but few deals were made. Mainstream prices were RMB 13,300-13,340/mt for Hanjiang, Dongling and Humon brands, versus RMB 13,170/mt for Shuangyan brand (packed in iron).
Western Mining only moved a small number of goods and market was filled with lead from traders. Downstream buyers showed little interest in building stocks before weekends. Market thus saw light trades.