SHANGHAI, Oct. 22 (SMM) – SHFE 1512 lead opened at RMB 13,180/mt for night trading Wednesday and lurched down to RMB 13,030/mt. Later, the contract advanced to RMB 13,255/mt thanks to position closures by shorts before closing at RMB 13,190/mt, down by RMB 190/mt or 1.42%. Trading volumes grew 850 to 6,442 lots but positions fell 366 to 15,196.
SHFE lead lurched up to RMB 13,350/mt during Thursday trading session and then ranged between RMB 13,220-13,260/mt, to end at RMB 13,265/mt, down RMB 165/mt or 1.23%. Trading volumes grew 6,280 to 13,215 lots but positions fell 1,232 to 14,330.
SHFE 1512 lead should test the 40-day moving average tonight with longs lacking confidence.