SHANGHAI, May 25 (SMM) – SHFE 1507 lead opened at RMB 13,270/mt last Friday evening and touched a low of RMB 13,180/mt, to end down RMB 135/mt at RMB 13,220/mt.
LME market is suspended Monday and thus SHFE lead loses guide today. SHFE 1507 lead rose slightly as shorts closed positions, to finish at RMB 13,275/mt, down RMB 80/mt or 0.6%. Trading volumes dropped 542 to 6,012 lots and positions fell 810 to 13,632.
The contract is expected to stay weak tonight as resistance emerged at the 5-day and 40-day moving averages.