SHANGHAI, Nov. 2 (SMM) – SHFE 1512 lead started at RMB 13,300/mt for night trading Thursday and then moved higher to RMB 13,360/mt. Later the contract fell back due to rising shorts, to close down RMB 40/mt or 0.3% at RMB 13,295/mt. Trading volumes saw a drop of 6,354 to 2,016 lots with positions down 4 to 14,232.
SHFE 1512 lead extended Thursday night’s losses on Friday and fell to RMB 13,170/mt due to exit of longs, to close at RMB 13,220/mt, losing RMB 115/mt or 0.86%. Trading volumes fell 1,520 to 6,850 lots and positions dropped 718 to 13,518.
Last Friday, Jinsha brand traded RMB 50-100/mt above SHFE 1512 lead at RMB 13,350-13,400/mt in Shanghai with limited trades made at RMB 13,400/mt. Mainstream prices were RMB 13,350-13,370/mt for Chengyuan and Nanfang brands, versus RMB 13,330-13,350/mt for Humon and Mengzi brands.
Only Shandong Humon Smelting moved some goods to market with spot supply staying stable in Shanghai and prices flat with last Thursday. But most transactions were done at a low of RMB 13,330-13,340/mt due to slipping lead prices and cash shortage late October. Overall trades stayed sluggish.