SHFE Lead Dips Slightly Today, and Spot Trades do not Improve

SHANGHAI, May 11 (SMM) - SHFE 2306 lead opened at 15,300 yuan/mt today and once dropped to 15,270 yuan/mt. At last, it closed at 15,305 yuan/mt, up 0.13%. The open interest fell 170 lots to 63,165 lots from the previous trading day, and the trading volume dipped 5,210 lots to 33,448 lots.

SHFE lead moved sideways today. Spot holders shipped goods based on specific situation. The supply across various Chinese markets stood high, resulting in large discounts of some spots picked up in factories. However, downstream enterprises only purchased on demand. The small order transactions did not improve today. The market shall pay attention to the release of the US initial jobless claims for the week ending May 6 and the annual and monthly PPI data for April to understand the impact of market sentiment on lead futures.