SHANGHAI, Sept. 6 (SMM) – SHFE 1510 lead started at RMB 13,370/mt for night trading Tuesday and then ranged between RMB 13,320-13,420/mt, to end RMB 60/mt higher at RMB 13,380/mt.
SHFE 1510 lead once fell to RMB 13,300/mt on Wednesday and moved stably around RMB 13,350/mt. Chinese stock market posted large rise near session’s end and shorts exited market. Hence SHFE lead and zinc surged. SHFE 1511 shifted to the most active contract. SHFE 1510 lead finally closed the day at RMB 13,490/mt, rising RMB 170/mt. Trading volumes totaled 2,590 lots while positions declined 670 to 14,598.
In Shanghai market, Chengyuan brand quoted RMB 13,420/mt on Sept. 2, RMB 60/mt higher than SHFE 1510 lead. Humon brand quoted RMB 13,370-13,390/mt, versus RMB13,360/mt for Baiyin brand.
Shandong Humon Smelting shipped limited goods out and lead supply was tight in market. Downstream buyers refused to buy at highs.