SHANGHAI, Jul. 28 (SMM) – On Wednesday’s night trading, SHFE 1609 lead opened at RMB 13,755/mt and then moved in a tight range before diving to RMB 13,645/mt. The contract stopped falling at the tail of trading and closed at RMB 13,665/mt.
On Thursday, SHFE 1609 lead started at RMB 13,715/mt and then moved stably. But the contract fell by RMB 100/mt at the tail of trading before finally ending at RMB 13,605/mt, down RMB 170/mt or 1.23%. Trading volumes reduced 3,134 to 18,104 lots and positions fell 864 to 23,058. SHFE 1609 lead dropped below 5-day moving average on Thursday, but the contract is expected to go upside due to improved fundamentals and positive technical indicators.