SHANGHAI, Sept. 2 (SMM) – On Thursday’s night trading, SHFE 1610 lead opened higher at RMB 13,460/mt and then advanced to RMB 14,500/mt with growth narrowing. The contract rose to RMB 14,545/mt and ended at RMB 14,520/mt.
On Friday, SHFE 1610 lead started at RMB 14,510/mt. During the Asian trading hours, the contract touched a session-high of RMB 14,935/mt but later gave up some previous gains, hurt by position closing by longs. SHFE 1610 lead finally closed at RMB 14,495/mt, up RMB 325/mt or 2.29%. Trading volumes rose 19,722 to 41,308 and positions increased 1,820 to 24,440. SHFE 1610 lead soared with positive technical indicators while no improvement was reported in spot trading on Friday.
Traders take a wait-and-see stance. SHFE lead should drop back in a short term.