SHANGHAI, Aug. 17 (SMM) – SHFE 1510 lead started last Friday evening at RMB 13,290/mt and then hovered between RMB 13,215-13,310/mt, to end at a low of RMB 13,230/mt.

On Monday, SHFE lead drifted lower to RMB 13,170/mt due to expectation for crude oil oversupply and downbeat data from China and euro zone. But later, the contract reached RMB  13,395/mt as China’s A-shares jumped and shorts exited market and ended at RMB 13,375/mt, growing RMB 80/mt. Trading volumes were up 808 to 5,344 lots with positions up 414 to 18,664.