SHFE Lead Continues to Trade in Ranges, Closing Up RMB 25/mt (August 18, 2014)

SHANGHAI, Aug. 18 (SMM) – The most active SHFE 1410 lead contract followed LME lead up after starting last Friday’s night session at RMB 14,420/mt, and closed up RMB 85/mt at RMB 14,505/mt.

On Monday, base metals prices on the Shanghai Futures Exchange fell back following a sharp rally as markets continued to digest concern over the global economy and intensifying geopolitical strains. SHFE lead fell initially to RMB 14,400/mt, and then hovered around RMB 14,450/mt before ending up RMB 25/mt at RMB 14,445/mt. Trading volumes for the SHFE 1410 lead contract totaled 24,466 lots, and positions decreased 462 lots to 32,302 lots. The price of the soft metal is expected to trade in ranges in the near term amid mixed technical indicators.