SHANGHAI, Oct. 14 (SMM) – SHFE 1512 lead started higher at RMB 13,750/mt for night trading Monday and then slid owing to shorts’ entering market, to close down RMB 25/mt at RMB 13,625/mt.
The most actively-traded contract lurched down to RMB 13,480/mt after opening Tuesday trading session but then rallied thanks to support at the 5-day moving average and exit of shorts, to end at RMB 13,590/mt, down by RMB 60/mt or 0.44%. Trading volumes fell 1,050 to 5,548 lots but positions grew 394 to 14,788.
Jinsha brand quoted RMB 80-150/mt above SHFE 1512 lead at RMB 13，670-13，740、mt in Shanghai with no deals done, versus RMB 13,550-13,570/mt for Humon brand, RMB 13,570/mt for Mengzi brand and RMB 13,500-13,520/mt for Qinyuan brand.
Shandong Humon Smelting Co. shipped goods to market and goods from inventories at Shaanxi Qiandongshan Mining Co.’s Qinyuan plant also flowed into market. Currently, Jinsha and Qinyuan brand lead entered Shanghai market, growing market supply. Downstream motive battery makers tended to cut production and showed little interest in buying. Wait-and-see sentiment loomed market and this left trading muted.
