SHANGHAI, Oct. 22 (SMM) – For night trading Tuesday, SHFE 1512 lead opened at RMB 13,460/mt and moved in a tight range of RMB 13,430-13,485/mt before ending at RMB 13,465/mt, up RMB 15/mt. Trading volumes declined 3,088 to 916 lots but positions increased 56 to 15,130.
SHFE lead ranged between RMB 13,430-13,440/mt during Wednesday trading hours and touched a low of RMB 13,180/mt due to exit of shorts due to large drop in Chinese stock market. The contract closed down RMB 265/mt or 1.97% at RMB 13,185/mt. Trading volumes grew 1,588 to 5,592 lots and positions were up 488 to 15,562.
In Shanghai, Nanfang brand traded RMB 50-60/mt higher than SHFE 1512 lead at RMB 13,490/mt, versus RMB 13,480/mt for Chengyuan brand, RMB 13,450-13,480/mt for Humon brand and RMB 13,450-13,470/mt for Mengzi brand.
Traders moved no hedged goods to market while Nanfang and Humon brands were shipped to market. Downstream buyers purchased as needed. Trading was slack.