SHANGHAI, Oct. 15 (SMM) – With overall bearishness, SHFE 1512 lead gapped lower at RMB 13,540/mt for night trading Tuesday and narrowly moved around RMB 13,550/mt, to end at RMB 13,525/mt, losing RMB 55/mt. Trading volumes decreased 4,688 to 8,60 lots and positions fell 18 to 14,770.
SHFE 1512 lead returned to RMB 13,590/mt after opening Wednesday trading session and met resistance at RMB 13,600/mt. Near session’s end, the most actively-traded contract suffered heavy sell-offs by shorts and closed at RMB 13,560/mt, down by RMB 20/mt or 0.15%. Trading volumes dropped 1,916 to 3,632 lots while positions increased 506 to 15,294.
Only a small number of price offers were given in Shanghai market. Humon brand quoted RMB 13,560-13,580/mt, RMB 10/mt above SHFE 1512 lead, versus RMB 13,570/mt for Mengzi brand. Shandong Humon Smelting Co. shipped goods to market. Market supply decreased but meanwhile downstream consumption failed to pick up. Some motive battery makers cut production, decreasing demand for lead. As a whole, both demand and consumption stayed weak.
