SHANGHAI, Nov. 9 (SMM) – SHFE 1512 lead gapped lower at RMB 12,970/mt for night trading Thursday and then attempted to break above RMB 13,000/mt but fell back, to end at RMB 12,975/mt. Trading volumes fell 1,114 to 2,562 lots and position declined 162 to 10,744.
SHFE lead opened at RMB 13,040/mt during Friday trading session and then fell to RMB 12,950/mt. The most active contract struggled around RMB 13,000/mt and ended at RMB 13,035/mt. Trading volumes grew 472 to 4,148 lots but positions declined 688 to 10,218.
In Shanghai, Jinsha brand quoted RMB 220/mt above SHFE 1512 lead at RMB 13,200/mt last Friday with several deals done. Traded prices were RMB 13,150/mt for Nanfang brand, versus RMB 13,130-13,150/mt for Chengyuan brand, RMB 13,120-13,130/mt for Mengzi brand and RMB 13,100-13,130/mt for Humon brand.
Humon and Nanfang brand goods were shipped to market and spot supply kept basically unchanged. On the other hand, downstream demand stayed weak. Lead prices slipped quickly, triggering wait-and-see sentiment in market. Transactions were left sluggish.