SHANGHAI, Sept. 18 (SMM) – SHFE 1511 lead started at RMB 13,330/mt for night trading Wednesday and closed RMB 55/mt higher at RMB 13,365/mt.
SHFE 1511 lead fell to RMB 13,265/mt after the open of Thursday trading session and then found support at the 5 and 10-day moving averages. Near the session’s end, the contract rebounded on short covering, to end at RMB 13,335/mt, up RMB 25/mt or 0.19%. Trading volumes declined 670 to 3,274 lots while positions rose 256 to 13,122.
In Shanghai, Nanfang brand was RMB 60-100/mt over SHFE 1511 lead at RMB 13,400/mt on Thursday. Traded prices were mainly RMB 13,390-13,400/mt for Humon and Hanjiang brand, versus RMB 13,380/mt for Dongling brand.
Shandong Humon Smelting, Hechi Nanfang Nonferrous Metals Group and West Ming moved goods to market while traders still refused to ship hedged goods to market, tightening spot supply. With a shortage of cheap goods, downstream buyers showed little buying interest. Trading activities muted.