SHANGHAI, Mar. 9 (SMM) – SHFE 1605 lead started at RMB 13,795/mt for night trading Tuesday and then traded at lows of RMB 13,485-13,860/mt, to end at RMB 13,645/mt, a fall of RMB 350/mt.
The May-delivery lead on SHFE ranged between RMB 13,520-13,680/mt during Wednesday trading session and closed the day at RMB 13,570/mt, down by RMB 425/mt or 3.04%. Trading volumes shrank 7,588 to 13,082 lots whilst positions reduced 284 to 17,804.
SHFE 1605 lead will face downward pressure in near future. Downstream buyers will be unwilling to purchase and growing goods on the warehouse warrant should be flow into spot market in Shanghai and Wuxi. This will increase spot supply.