SHANGHAI, Aug. 12 (SMM) – SHFE 1510 lead opened at RMB 13,055/mt for night trading Monday and grew to RMB 13,320/mt. Later, the price moved around RMB 13,190/mt before closing at RMB 13,185/mt, jumping RMB 270/mt.
US dollar posted a growth as China devalued the yuan on Tuesday. SHFE lead fell to RMB 13,120/mt and then rolled backed the losses. Finally, the price closed at a high of RMB 13,250/mt, rising RMB 335/mt or 2.59%.
Nanfang brand initially quoted RMB 13,330/mt but later fell to RMB 13,300-13,310/mt in Shanghai. Consequently, spot premiums slipped to RMB 140/mt over SHFE 1510 lead contract. Traded prices were RMB 13,290/mt for Humon brand, compared with RMB 13,270/mt for Yuteng and YT brands.
Shandong Humon Smelting and Hechi Nanfang Nonferrous Metals Group still moved goods out Aug. 11 while downstream buyers waited for further price falls after spot prices soared on Tuesday. As a result, trades were left softening.