SHANGHAI, Nov. 6 (SMM) – SHFE 1512 lead once lurched up to RMB 13,290/mt due to Chinese stock rally during daytime after opening Wednesday night session at RMB 13,175. Nonetheless, the contract posted a slip responding to falling crude oil prices and stronger dollar and closed at RMB 13,100/mt. Trading volumes declined 2,232 to 1,238 lots and positions dropped 172 to 11,164.
SHFE lead opened at RMB 13,080/mt during Thursday trading session and then headed for losses with shorts gathering strength. Base metal prices did not get a boost from Chinese stock market. The contract finally closed at RMB 13,025/mt, down RMB 75/mt or 0.57%. Trading volumes were up 206 to 3,676 lots but positions declined 430 to 10,906.
On Thursday, Jinsha brand was offered RMB 170/mt above SHFE 1512 lead at RMB 13,250-13,280/mt in Shanghai. But no transactions were reportedly done. Chengyuan brand traded at RMB 13,240/mt with several deals made, versus RMB 13,210-13,240/mt for Nanfang brand and RMB 13,210-13,220/mt for Mengzi and Humon brands.
Humon and Nanfang brand goods were moved to market. Traders were unwilling to move hedge goods to market, leaving overall supply stable. Most traders reported no transaction.