SHANGHAI, Oct. 19 (SMM) – SHFE 1512 lead opened at RMB 13,425/mt for night session last Friday and moved below the 5-day moving average before closing at RMB 13,485/mt, down by RMB 15/mt.

SHFE 1512 lead dropped to RMB 13,410/mt after starting Monday trading session and then ranged between RMB 13,470-13,500/mt as China’s GDP data beat forecast, to end at RMB 13,480/mt, down by RMB 15/mt or 0.11%. Trading volumes fell 774 to 3888 while positions increased 456 to 15,590.

SHFE 1512 finds support at the 10-day moving average and longs are active in position openings. But the contract meets strong resistance at RMB 13,500/mt and far-month contracts suffer heavy sell-offs. As such, SHFE 1512 lead is likely to fall this evening.