SHFE Lead Bounces Back Today, and Spot Holders Become more Willing to Ship Cargoes

SHANGHAI, May 10 (SMM) - SHFE 2306 lead opened at 15,310 yuan/mt and hovered around 15,290 yuan/mt. At last, it closed at 15,285 yuan/mt, up 0.16%. The open interest added 2,095 lots to 63,335 lots from the previous trading day, and the trading volume grew 147 lots to 38,658 lots.

SHFE lead bottomed out today, encouraging the spot traders to sell cargoes. The spots delivered from factories were quoted large discounts, but the downstream demand remained poor. Besides, as the delivery of SHFE 2305 lead is approaching, the spots in Jiangsu, Zhejiang and Shanghai markets were still quoted at small premiums, and the trades decreased compared with yesterday. The most-traded SHFE lead contract will move rangebound in the short term on a stable macro front.