SHANGHAI, Jul. 24 (SMM) – SHFE 1510 lead started at RMB 12,735/mt during Thursday evening session and followed LME lead down after reaching RMB 12,800/m, to close at a low of RMB 12,615/mt, down RMB 120/mt. Trading volumes were only 506 lots.
On Friday, SHFE 1510 lead touched a high of RMB 12,715/mt. Base metals extended falls as a whole. China’s manufacturing PMI for July came in at 48.2, hitting a 15-month low. China’s A-shares dropped at noon. Shorts entered market at highs and thus SHFE lead ended at RMB 12,620/mt, down RMB 115/mt. Trading volumes totaled 1,976 lots and positions grew 816 to 16,194.
SHFE 1510 lead should test RMB 12,500-12,600/mt this evening.