Shanghai lead jumps six percent at debut

Shanghai lead futures jumped more than 6 percent in an explosive debut that saw more than 200,000 tonnes of metal change hands in less than 20 minutes. It was Shanghai's new lead contract that stole the show, rallying by as much as 6.7 percent to 19,570 yuan ($2,984), in heavy trade that also helped push turnover in LME lead up much higher than normal.
Volume for the day totalled more than 73,000 lots, equivalent to over 900,000 tonnes of metal. Open interest at the close was equivalent to 112,000 tonnes. By the close, Shanghai September lead stood at 18,935 yuan, up 3.2 percent. LME lead fell $14 to $2,702, after touching $2,747 earlier - its highest since April 2008. Shanghai's most-active copper futures contract, June, rose 0.6 percent to 72,410 yuan a tonne.