SHANGHAI, Jul. 29 (SMM) – SHFE 1510 lead opened at RMB 12,625/mt during Monday evening session and ended down RMB 70/mt at RMB 12,605/mt with the high-end price at RMB 12,590/mt and high end price at RMB 12,665/mt due to shorts exiting market.

On Tuesday, black metal and non-ferrous metal prices all rallied. SHFE lead soared to RMB 12,690/mt before hovering between RMB 12,660-12,690/mt. The prices faced pressures at the 5-day moving average and closed at RMB 12,680/mt, up by RMB 5/mt. Trading volumes were 2,524 lots and positions grew 544 to 16,726.

In Shanghai, Nanfang and Chengyuan brands traded at RMB 13,120-13,130/mt, RMB 460/mt higher than SHFE 1510 lead. YT brand and Honghu brand (packed in iron) quoted RMB 13,050-13,080/mt.

Hechi Nanfang Nonferrous Metals Group Co. was active to move goods, increasing spot supply in market. Large producers increased purchase for Nanfang brand lead while deals were light for other brand lead, resulting from month-end cash crunch and weakening bullish sentiment.