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SHFE Lead Closes down RMB 155/mt at RMB 13,415/mt (Dec. 1, 2014)

Release time:2014-12-02

SHANGHAI, Dec. 1 (SMM) – Lead for January delivery on the Shanghai Futures Exchange, the most active contract, sank to RMB 13,415/mt in last Friday’s night session, falling below major moving averages.

China’s official manufacturing PMI fell from 50.8 to 50.3 in November, below the expected 50.5, while crude oil prices slipped further on Monday. In response, SHFE lead dipped as low as RMB 13,375/mt at one stage and hovered at RMB 13,400-13,440/mt before ending down RMB 155/mt, or 1.14%, at RMB 13,415/mt. Trading volumes for the most active contract added 910 lots to 3,176 lots, while positions shed 534 lots to 12,244 lots. Large quantities of longs headed for the exit.