SHANGHAI, Aug. 21 (SMM) – SHFE 1510 lead started at RMB 13,300/mt and once drifted higher to RMB 13,375/mt. But later the contract fell to RMB 13,260/mt as longs exited market and ended the session at RMB 13,305/mt, rising RMB 160/mt.
The October lead on the SHFE fluctuated on the strong side for day trading Thursday and narrowly hovered between RMB 13,270-13,290/mt by 11:00 am. In the afternoon, the contract reached RMB 13,395/mt before closing at RMB 13,370/mt, up by RMB 225/mt or 1.71%. Trading volumes declined 328 to 5,446 lots while positions grew 356 to 17,940.
In Shanghai, Chengyuan, Hanjiang, Yuteng and Humon brands quoted RMB 40/mt higher than SHFE 1510 lead at RMB 13,320-13,350/mt Aug. 20.
Market was filled with goods from traders. Lead prices posted a large fall Wednesday and thus some downstream battery makers built some stocks. Wait-and-see sentiment loomed market as lead prices rallied on Thursday. As a result, trades were left softening.