SHANGHAI, Dec. 11 (SMM) – SHFE 1602 lead opened lower at RMB 12,840/mt for night trading Thursday and headed for gains all the session with longs gathering strength, to end at RMB 13,050/mt, down by RMB 40/mt.
Base metals on the SHFE market all increased on Friday due to stockpiling of copper, nickel and zinc and aluminum output cut. SHFE 1602 lead once shot up to RMB 13,105/mt today and closed the day at RMB 13,100/mt with a gain of RMB 85/mt or 0.65%. The closing price hit a new high since November. Trading volumes fell 1,222 to 11,578 lots whilst positions were up 494 to 17,780.
SHFE 1602 lead is predicted to rise further this evening. Technical indicators point upside and supply tightens in Henan and Shanghai recently. Also, news of stockpiling of other metals will also boost lead prices.