SHANGHAI, Jul. 29 (SMM) – SHFE 1510 lead opened at RMB 12,700/mt for nigh session Tuesday and soared to RMB 13,000/mt, to close at RMB 12,955/mt, rising RMB 315/mt.
The October lead ranged between RMB 12,920-13,020/mt for day trading Wednesday. At noon, the Shanghai Composite Index tested resistance at 3800 and thus commodity prices increased again. SHFE lead finally ended at a high of RMB 13,085/mt, up by RMB 445/mt. Trading volumes were about 3,056 lots and positions fell 130 to 16,569. SHFE 1508, 1509 and 1510 lead prices were driven up by short covering. But short positions of SHFE 1511 lead grew, signaling that makers were not optimistic about today’s price hike. US Fed’s meeting should be watched tonight.