SHANGHAI, Aug. 14 (SMM) – Longs for SHFE 1510 lead jumped on Wednesday evening. The contract opened at RMB 13,295/mt and closed up RMB 305/mt at RMB 13,490/mt.
SHFE lead drifted lower to RMB 13,120/mt on Thursday and then ranged between RMB 13,250-13,300/mt. The contract moved higher responding to LME lead near session’s end and finally closed up RMB 245/mt at RMB 13,430/mt. Trading volumes came in at 9,678 lots with positions up 478 to 18,708.
In Shanghai market, Nanfang brand traded at discounts of RMB 130/mt against SHFE 1510 lead and mainly quoted RMB 13,380/mt. Traded prices were RMB 13,330-13,350/mt for Hanjiang and Humon brand and RMB 13,280/mt for Shuangyan brand (packed in iron).
Lead smelters cut their offers by RMB 20-30/mt to excite trades but downstream buyers still showed little interest in anticipation of further price falls as SHFE lead prices slumped over RMB 200/mt this morning from night trading Wednesday. And buyers more favored term contracts.