SHFE Lead Falls 0.3% (Oct. 20, 2015)

SHANGHAI, Oct. 20 (SMM) – SHFE 1512 lead outperformed others on Monday evening. The contract started at RMB 13,470/mt and once shot up to RMB 13,880/mt with exit of shorts. The price later fell back slightly and ended at RMB 13,530/mt, up by RMB 55/mt or 0.41%. Trading volumes decreased 2,676 to 1,212 lots and positions fell 68 to 15,522.

SHFE 1512 lead narrowly moved between RMB 13,400-13,450/mt during Tuesday trading session and closed down RMB 40/mt or 0.3% at RMB 13,435/mt. Trading volumes were up 116 to 4,004 lots but positions declined 516 to 15,074.

SHFE 1512 lead meets strong resistance at the 5 and 10-day moving averages and technical indicators point downside. As such, the contract should test support at RMB 13,400/mt tonight.