SHANGHAI, Aug. 24 (SMM) –SHFE 1510 lead started Thursday evening session at RMB 13,475/mt and extended day trading rising momentum to RMB 13,860/mt. But later the contract was depressed to RMB 13,375/mt by the growth in shorts and closed at RMB 13,410/mt, gaining RMB 80/mt. Trading volumes declined 2,102 to 3,344 lots while positions were up 322 to 18,262.
Caixin’s manufacturing PMI for China released on Friday turned out to be disappointing, triggering bearishness again in market. SHFE lead touched a low of RMB 13,070/mt before closing at RMB 13,205/mt, losing RMB 125/mt or 0.94%. Trading volumes rose 1,194 to 6,640 lots while positions declined 376 to 17,565.
In Shanghai market, Chengyuan, Humon and Yuteng brands quoted RMB 20/mt higher than SHFE 1510 lead at RMB 13,350-13,380/mt, versus RMB 13,280/mt for Jiangtong brand.
Only Jiangtong brand lead flowed into market Aug. 21. Trades gave their price offers near SMM #1 lead average price. SHFE lead fell back from high, triggering wait-and-see sentiment in downstream market. Near weekend, few deals were made for traders. Only Jiangtong brand lead saw some trades.