SHANGHAI, Aug. 21 (SMM) – Boosted by LME lead, the most active SHFE 1410 lead contract trended higher after starting at RMB 14,590/mt, and closed at RMB 14,740/mt. During the night session, trading volumes added 15,172 lots to 29,500 lots, while positions gained 1,202 lots to 31,222 lots.
On Thursday, SHFE lead dropped below the 10-day moving average due to profit-taking by longs, and ended up RMB 90/mt, or 0.62%, at RMB 14,605/mt. Trading volumes for the SHFE 1410 lead contract increased 15,172 lots to 19,052 lots, but positions shed 368 lots to 29,652 lots. Despite a series of positive technical indicators, the price of the soft metal is expected to trade in ranges for the near term due to falling positions and amid expectations for the US Federal Reserve to raise interest rates.