SHFE 1506 Lead up RMB 195/mt (Apr. 22, 2015)
The most active SHFE 1506 lead edged up RMB 30/mt Tuesday night, following LME lead, and ended at RMB 13,560/mt.
SHANGHAI, Apr. 22 (SMM) – The most active SHFE 1506 lead edged up RMB 30/mt Tuesday night, following LME lead, and ended at RMB 13,560/mt. The most active contract lurched up to RMB 13,750/mt and ended at RMB 13,725/mt Wednesday, up RMB 195/mt, gaining 1.44%. Total trading volumes increased 1,288 lots to 10,376 lots and positions climbed 822 to 16,494.
China’s current reserve requirement ratio (RRR) of 18.5% is expected to further decrease considering CPI number and overall economic reality, lending support to base metals. Technical indicators point upwards in the June delivery lead contract prices. But profit-taking should be warned.