SHFE Lead Closes Up RMB 15/mt, Finding Support at 40-Day Moving Average (August 26, 2014)

SHANGHAI, Aug. 26 (SMM) – Lead for October delivery, the most active contract on the Shanghai Futures Exchange, started Monday’s night session at RMB 14,485/mt, and then hovered between RMB 14,470-14,540/mt. The price of the soft metal closed down RMB 90/mt at RMB 14,485/mt, with trading volumes at 4,426 lots and positions up 260 lots at 28,372 lots.

On Tuesday, SHFE lead rose to as high as RMB 14,590/mt during the afternoon trading session, breaking above the 5-day and 10-day moving averages, and ended up RMB 15/mt, or 0.1%, at RMB 14,590/mt. Trading volumes added 1,220 lots to 8,704 lots, and positions shed 932 lots to 27,180 lots. The price of the soft metal has found solid support at the 40-day moving average.