SHANGHAI, Sept. 14 (SMM) –SHFE lead once trended higher to RMB 13,465/mt after opening Thursday evening session at RMB 13,410/mt. But later SHFE lead fell back slightly with longs exiting market before finishing at RMB 13,395/mt, rising RMB 40/mt.
November-delivery lead on the SHFE moved stably around RMB 13,400/mt during Friday trading session and then slid to RMB 13,280/mt. The contract bounced back gradually with shorts exiting market before ending at RMB 13,395/mt, up by RMB 40/mt.
Last Friday, Nanfang brand was offered at RMB 13,450-13,470/mt in Shanghai market, RMB 60/mt below SHFE 1511 lead. Traded prices were mainly RMB 13,430-13,440/mt for Mengzi and Humon brands, versus RMB 13,410/mt for Shuangyan and Ximai brands.
Nanfang and Humon brands goods were moved to market while traders were unwilling to ship hedged goods to market with low premiums at present. And those traders mainly purchased goods. Market saw light trades in downstream market.