SHANGHAI, Sept. 2 (SMM) – SHFE 1510 lead started Monday evening session at RMB 13,330/mt and then lurched down to RMB 13,200/mt. Later, the contract regained earlier losses with exit of shorts and ended at RMB 13,315/mt, down by RMB 30/mt.
SHFE lead moved at highs between RMB 13,330-13,400/mt and finally ended at RMB 13,330/mt, down by RMB 40/mt. Trading volumes totaled 3,040 lots with positions down 760 to 15,268.
In Shanghai market, Nanfang brand quoted RMB 13,420/mt, RMB 50/mt higher than SHFE 1510 lead but few deals were made. Mainstream traded prices were RMB 13,350-13,360/mt for Humon and Baiyin brands.
Shandong Humon Smelting shipped goods out. Some hedged goods did not flow into market due to a growth in SHFE lead prices. Hence, branded lead was limited in market. A small portion of downstream buyers built stocks before Chinese Sept. 3-5 holiday for Beijing’s parade to celebrate the World War II victory. Trades thus improved on Sept. 1. Nonetheless, trades failed to pick up in China’s whole market mainly because large producers can buy under term contracts and some small producers take holiday.