SHANGHAI, Nov. 20 (SMM) – SHFE 1601 lead fell below RMB 12,000/mt for night trading Wednesday due to strong dollar and resistance at the 5-day moving average, after starting at RMB 12,150/mt. The contract finally closed at RMB 11,990/mt, down by RMB 165/mt. Trading volumes dropped 8,678 to 4,170 lots while positions were up 346 to 14,344.
SHFE 1601 lead moved lower to RMB 11,835/mt at one time on Thursday and closed at RMB 11,960/mt, down by RMB 195/mt or 1.6%. Trading volumes were up 2,940 to 15,788 lots and oppositions grew 1,756 to 15,754. SHFE 1601 lead headed for losses for 4 days in a row with a 4,000 rise in positions.
In Shanghai market, Jinsha brand prices were at RMB 12,740-12,750/mt on Thursday, RMB 750/mt above SHFE 1601 lead. Traded prices were RMB 12,670/mt for Nanfang brand, RMB 13,620-12,630/mt for Mengzi and Hanjiang brands, RMB 12,600/mt for Humon brand, RMB 12,500/mt for Baiyin brand and RMB 12,400-12,500/mt for Qinyuan brand.
Shandong Humon Smelting maintained shipping goods to market and Qinyuan and Baiyin brand goods continued to flow into market. Overall spot supply kept basically unchanged. Downstream lead-acid battery makers watched from sidelines, leaving trades muted.