SHANGHAI, Sept. 29 (SMM) – On Wednesday’s night trading, SHFE 1611 lead opened at RMB 14,750/mt. The contract then increased with rising LME lead and hit the year’s highest of RMB 15,045/mt due to position opening by longs. SHFE 1611 lead finally ended at RMB 15,020/mt.
On Thursday, SHFE 1611 lead stabilized at RMB 14,980-15,095/mt and ended at RMB 15,005/mt, up RMB 325/mt or 2.21%. Trading volumes rose 10,022 to 24,256 lots and positions increased 176 to 24,532. Ferrous metals kept soaring in domestic market on Thursday while some base metals posted small losses at the tail of trading after a big rise on Wednesday’s night. SHFE 1611 lead stabilized above RMB 15,000/mt today.
In China’s domestic market, cargo holders held back sales on Thursday for higher prices with tight supply, helping SHFE 1611 lead up.
SHFE 1611 lead should remain buoyant before China’s Nation Day Holiday during October 1-7.