SHANGHAI, Nov. 16 (SMM) – SHFE 1601 lead outperformed LME lead, to start at RMB 12,590/mt during Thursday night session and advance to RMB 12,750/mt at one time. Later, the contract fell back after meeting resistance at the 5-day moving average, to end at RMB 12,695/mt, gaining RMB 65/mt or 0.51%. Trading volumes reduced 5,362 to 3,658 lots and positions fell 80 to 11,546.
SHFE lead fell back on Friday due to growing shorts, helped by firm dollar and ended at RMB 12,600/mt, down RMB 30/mt or 0.24%. Trading volumes narrowed 1,814 to 7,206 lots and positions were up 134 to 11,760.
In Shanghai market, Jinsha brand quoted at RMB 13,010-13,050/mt, RMB 320/mt above SHFE 1601 lead with no deals reportedly done. Humon brand traded at RMB 12,980-13,000/nmt, versus RMB 13,000/mt for Mengzi brand. And Hanjiang brand initially quoted at RMB 13,000/mt and then dropped to RMB 12,980/mt. But still no transactions were done.
West Mining continued to move goods out. Markets remained anemic and downstream demand stayed weak, leaving trades quiet.