SHANGHAI, Oct. 16 (SMM) – SHFE 1512 lead followed LME lead up to RMB 13,645/mt after opening Wednesday evening session at RMB 13,580/mt. With shorts exiting market, the contract ended above the 5-day moving average at RMB 13,595/mt. Trading volumes decreased 2,634 to 998 lots while positions grew 48 to 15,342.
SHFE 1512 lead moved around RMB 13,600/mt on Thursday and headed for losses before ending at RMB 13,490/mt, down by RMB 75/mt or 0.55%. Trading volumes grew 430 to 4,062 lots with positions up 74 to 15,368.
SHFE 1510 lead started Thursday trading session at RMB 13,550/mt and closed at RMB 13,420/mt, down by RMB 130/mt or 0.96%. The settlement price came at RMB 13,490/mt. Trading volumes totaled 210 lots and positions were around 590.
In Shanghai, Jinsha brand quoted RMB 20-40/mt higher than SHFE 1512 lead at RMB 13,620-13,640/mt with transactions done at RMB 13,620/mt. Traded prices were RMB 13,560-13,600/mt for Humon brand and RMB 13,600/mt for Nanfang brand.
Shandong Humon Smelting and Chihong Zn&Ge’s Jinsha plant shipped goods to market. Market supply grew slightly with Jinsha brand goods flowing into market. Recent higher lead prices shifted downstream lead-acid battery makers to term contracts. Also, some battery makers cut purchase due to production cut plan.