SHANGHAI, Jul. 21 (SMM) – SHFE lead resisted declines thanks to output cut in Henan and growth in battery prices. SHFE 1510 lead started at RMB 12,920/mt during evening session Monday and closed up RMB 10/mt at RMB 12,940/mt.
Rebounding gold prices lent some support to base metal prices on Tuesday. SHFE 1510 lead fluctuated between RMB 12,940-13,000/mt before ending at RMB 12,970/mt, growing RMB 40/mt. Trading volumes totaled 1,896 lots and positions rose 852 to 13,948. Many positions of SHFE 1508 and 1509 lead shifted to SHFE 1510 lead today, possibly resulting from large price gap between the most active contract and near month contracts.