SHANGHAI, Aug. 20 (SMM) – For night trading Tuesday, SHFE 1510 lead started at RMB 13,160/mt and once touched a low of RMB 13,025/mt, to close down RMB 210/mt at RMB 13,105/mt. Trading volumes declined 3,692 to 2,336 lots and positions slipped 334 to 17,816.
SHFE lead prices were bolstered by Chinese stock rally, weaker dollar and short-covering on Wednesday. Thus, SHFE lead lurched up after the open of the session and finally closed at RMB 13,295/mt with a cut of RMB 20/mt. Trading volumes declined 254 to 5,774 lots and positions fell 566 to 17,584.
SHFE 1510 lead broke above the 10-day moving average and currently meets resistance at RMB 13,300/mt.
Nanfang brand was initially offered at RMB 13,400/mt, RMB 50/mt higher than SHFE 1509 lead. But later, the prices dropped to RMB 13,280/mt. Traded prices were RMB 13,350/mt for Hanjiang brand, compared with RMB 13,250-13,260/mt for Humon brand.
Shandong Humon Smelting shipped goods out. Branded lead prices quoted high. Wait-and-see posture loomed downstream lead-acid battery producers. Trades generally made at the average price.