SHANGHAI, Aug. 21 (SMM) – LME lead started at USD 1,695/mt overnight and once reached USD 1,727.5/mt thanks to growing gold prices and falling dollar. But the three-month lead contract on the LME met resistance at the 5, 10 and 20-day moving averages and ended at USD 1,706/mt, up USD 6/mt or 0.35%. Trading volumes fell 1,105 to 2,691 lots and positions dropped 170 to 126,333.
SHFE 1510 lead started Thursday evening session at RMB 13,475/mt and extended day trading rising momentum to RMB 13,860/mt. But later the contract was depressed to RMB 13,375/mt by the growth in shorts and closed at RMB 13,410/mt, gaining RMB 80/mt. Trading volumes declined 2,102 to 3,344 lots while positions were up 322 to 18,262.
LME lead should remain range-bound between USD 1,700-1,720/mt on Aug. 21. SHFE 1510 lead is expected to hover between RMB 13,300-13,500/mt and spot lead may grow RMB 25/mt to RMB 13,300-13,400/mt.