SHANGHAI, Sept. 1 (SMM) – On Wednesday’s night trading, SHFE 1610 lead opened higher at RMB 13,870/mt and the advanced to RMB 13,965/mt before closing at RMB 13,955/mt.
On Thursday, SHFE 1610 lead started at RMB 13,965/mt and then moved below RMB 14,000/mt. During the afternoon business, the contract soared and grew to daily upward limit at the tail of trading before ending at RMB 14,420/mt, up RMB 550/mt or 3.97%. Trading volumes rose 11,578 to 21,586 lots and positions increased 4, 494 to 22,620. Longs of SHFE 1610 lead opened positions on Thursday and lead price touched the highest level of the year with rising LME lead. The growth was the largest among domestic base metals on Thursday, which is contributed to the following two reasons.
Firstly, market expectation for tight concentrate supply grew notably. Secondly, gains in the sister metal zinc also gave rising momentum to lead prices.
SHFE 1610 lead is expected to face technical downward correction at Thursday’s night trading. In domestic market, trading was thin and quotations fell sharply following growth in SHFE lead.