SHANGHAI, Sept. 23 (SMM) – SHFE 1511 lead once moved higher to RMB 13,245/mt after opening Monday evening session at RMB 13,190/mt, to end at RMB 13,210/mt, rising RMB 40/mt.
SHFE lead fell to RMB 13,100/mt on Tuesday as base metal prices were depressed by sell-offs on SHFE zinc. Later, the contract returned to RMB 13,180/mt on exit of shorts, to close at RMB 13,135/mt, down by RMB 35/mt. Trading volumes totaled 5,824 lots with positions down 128 to 13,126.
In Shanghai, Nanfang brand quoted RMB 190/mt above SHFE 1511 lead at RMB 13,350/mt on Tuesday. Traded prices were RMB 13,340/mt for Hanjiang brand, RMB 13,330/mt for Humon and Mengzi brands and RMB 13,270/mt for Ximai brand.
Only Hechi Nanfang Nonferrous Metals Group shipped goods out and traders were unwilling to move hedged goods out, decreasing market supply. Large producers built stocks before China’s Mid-Autumn festival. Transactions were below Monday.