SHFE Lead Bounces Back Today
Published 14:13 PM Wed May 10th ,2023
SHANGHAI May 10 (SMM) - SHFE 2306 lead opened at 15310 yuan/mt and hovered around 15290 yuan/mt. At last it closed at 15285 yuan/mt up 0.16%. The open interest added 2095 lots to 63335 lots from the previous trading day and the trading volume grew 147 lots to 38658 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.