SHANGHAI, May 18 (SMM) – Last Friday, SHFE 1507 lead opened at RMB 13,345/mt and closed at RMB 13,340/mt.
The contract touched Monday’s high of RMB 13,460/mt as China’s April home sales of 70 big and medium sized cities rose 0.3% on the month, ending a straight 11-month drop. The metal finished the day up RMB 25/mt or 0.19%. Trading volumes dropped 1,172 to 5,910 lots while positions were up 386 to 15,244.
SHFE 1507 lead should remain weak this evening with resistance at the 5-day moving average and growing short positions.