SHANGHAI, Aug. 17 (SMM) – SHFE 1510 lead started Thursday evening at RMB 13,310/mt and finally closed down RMB 45/mt at RMB 13,315/mt with the session high at RMB 13,385/mt.
SHFE lead touched RMB 13,375/mt after the open of Friday trading session but later fell back as the People’s Bank of China said Thursday that there’s no basis for depreciation to persist and that it will step in to control large fluctuations. The contract ended the day at RMB 13,215/mt, down by RMB 145/mt. Trading volumes came in at 4,536 lots with positions down 458 to 18,250.
In Shanghai, Hanjiang and Humon brands traded at RMB 13,320/mt, a premium of RMB 60/mt over SHFE 1510 lead. Mainstream prices were RMB 13,280-13,290/mt for Jinyuteng and YT brands.
Only Shandong Humon Smelting shipped goods out. Traders have built stocks previously while large downstream buyers purchased on need. Nonetheless, most downstream buyers waited for price falls after SHFE lead prices dropped. Consequently, trades were left muted.