SHANGHAI, Jun. 8 (SMM) – SHFE 1508 lead followed LME lead down last Friday evening session, to end the session down RMB 100/mt at RMB 13,055/mt as shorts entered market.
The August-delivery lead grew to RMB 13,100/mt after opening Monday session. China’s trade balance for May was released with exports slipping 2.5% YoY, better than expected and previous one, but imports felling 17.6% YoY, short of expected and April’s, which failed to impact metals prices a lot. The contract fluctuated between RMB 13,060-13,150/mt and finished the day at RMB 13,110/mt, down RMB 45/mt. Trading volumes totaled 4,436 lots with positions up 504 to 11,754.
SHFE 1508 lead should test support at the 60-day moving average this evening.