SHFE Lead Trades up 0.72% on Exit of Shorts (Oct. 29, 2015)

Oct 29, 2015 18:45

Source:SMM

SHFE 1512 lead opened lower at RMB 13,230/mt for night trading Wednesday and drifted higher to RMB 13,395/mt.

SHANGHAI, Oct. 29 (SMM) – SHFE 1512 lead opened lower at RMB 13,230/mt for night trading Wednesday and drifted higher to RMB 13,395/mt. Later, the contract met resistance at the 20-day moving average and closed at RMB 13,330/mt, up RMB 60/mt or 0.45%. Trading volumes fell 322 to 3,310 lots while positions increased 272 to 14,206.

The most active contract fell to RMB 13,300/mt after opening Thursday trading session and once moved higher to RMB 13,410/mt due to exit of shorts, to end at RMB 13,365/mt, up RMB 95/mt or 0.72%. Trading volumes grew 8,370 lots and positions increased 302 to 14,236.

SHFE 1512 lead should consolidate the 20-day moving average with position closure by shorts higher than longs.

SHFE lead price

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SHFE Lead Trades up 0.72% on Exit of Shorts (Oct. 29, 2015)

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