SHANGHAI, Aug. 19 (SMM) – On Thursday’s night trading, SHFE 1609 lead opened higher at RMB 13,855/mt and then ranged between RMB 13,795-13,875/mt before ending at RMB 13,815/mt.
On Friday, SHFE 1610 lead, became the most actively traded contract, moved stably at RMB 13,850/mt after opening. The contract soared at the tail of trading due to position opening by longs and finally closed at RMB 13,985/mt, up RMB 250/mt or 1.82%. Trading volumes rose 438 to 9,014 lots and positions increased 1,382 to 15,566. SHFE 1609 lead swung widely in the week and once advanced to RMB 14,000/mt.
SHFE lead may drop back from highs due to increasing supply as output restart at lead smelters.