SHANGHAI, Nov. 19 (SMM) – SHFE 1601 lead started Tuesday night session at RMB 12,330/mt and then traced LME lead up to RMB 12,385/mt. The contract headed for losses before closing at RMB 12,285/mt, slipping RMB 15/mt or 0.12%. Trading volumes reduced 9,408 to 3,356 lots but positions grew 290 to 13,246.
SHFE 1601 lead once moved lower to RMB 12,005/mt after opening Wednesday trading session but then railed due to exit of shorts, to close at RMB 12,150/mt, down RMB 150/mt or 1.22%. Trading volumes saw a rise of 84 to 12,848 lots with positions up 1,042 to 13,998.
In Shanghai, Jinsha brand quoted RMB 700/mt above SHFE 1601 lead at RMB 12,750/mt on Wednesday with no deals reportedly done. Traded prices were RMB 12,700/mt for Nanfang brand, versus RMB 12,680/mt for Mengzi brand, RMB 12,650-12,700/mt for Humon brand and RMB 12,550-12,600/mt for Qinyuan and Baiyin brands.
Shandong Humon Smelting kept moving goods to market and old inventories also flowed into market due to high spot premiums, growing overall supply. But market remained wary with lead prices falling persistently. Bearish downstream buyers showed low buying interest, leaving trades quiet.