SHANGHAI, Nov. 11 (SMM) – SHFE1601 lead started at RMB 12,930/mt for night trading Monday and rallied slight after slipping to RMB 12,890/mt with closing price at RMB 12,910/mt. Trading volumes declined 1,434 to 664 lots whilst positions grew 228 to 10,262.
SHFE 1601 lead sank to RMB 2,655/mt at one time on Tuesday on poor reading of China’s data but rallied later, helped by short covering, to end at RMB 12,765/mt down by RMB 185/mt or 1.43%. Trading volumes were up 1,574 to 3,672 lots and meanwhile positions posted a rise of 434 to 10,468.
China’s CPI data for October cooled more than expected and September’s level, growing 1.3% from a year ago. And the PPI figure has dropped for 44 straight months, down 5.9% YoY.
On Tuesday, Mengzi brand traded at premiums of RMB 250/mt over SHFE 1601 lead at RMB 13,050-13,080/mt in Shanghai. Nanfang brand prices initially quoted at RMB 13,090/mt, then fell to RMB 13,010/mt, which however, failed to push trading up. Traded prices were RMB 13,080/mt for Humon brand.
SHFE lead entered downside track on Tuesday. Shandong Humon Smelting kept moving goods out. On the other hand, downstream lead-acid battery makers watched from sidelines. Overall transactions were sluggish.