SHANGHAI, Aug. 24 (SMM) – On Tuesday’s night trading, SHFE 1610 lead fluctuated around RMB 13,930/mt after opening at the mark. Later, the contract drifted higher to RMB 13,965/mt and hit a session-high of RMB 13,980/mt before closing at RMB 13,960/mt.
On Wednesday, SHFE 1610 lead started at RMB 13,970/mt and then gave up some previous gains and briefly slid to RMB 13,895/mt after rising to RMB 13,995/mt. Later, the contract rebounded to around RMB 14,000/mt and ended at RMB 13,965/mt, up RMB 50/mt or 0.36%. Trading volumes rose 1,288 to 9,302 lots and positions increased 402 to 17,358.
SHFE 1610 lead is now able to find support at the 5-day moving average, and meanwhile high spot premiums will also support the market. SMM expects SHFE 1610 lead to continue testing RMB 14,000/mt for the foreseeable future.