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The most actively-traded contract lurched down to RMB 13,480/mt after opening Tuesday trading session but then rallied thanks to support at the 5-day moving average and exit of shorts, to end at RMB 13,590/mt, down by RMB 60/mt or 0.44%. Trading volumes fell 1,050 to 5,548 lots but positions grew 394 to 14,788.
SHFE 1512 lead fins support at the 5-day moving average but shorts are more willing to enter market than longs. As a result, SHFE 1512 lead should test support at RMB 13,500/mt this evening.
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