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SHFE Lead Closes with Losses on Position Closure by Longs (Oct. 30, 2015)
Oct 30, 2015 16:50Source:SMM
SHFE 1512 lead started at RMB 13,300/mt for night trading Thursday and then moved higher to RMB 13,360/mt.
SHANGHAI, Oct. 30 (SMM) – SHFE 1512 lead started at RMB 13,300/mt for night trading Thursday and then moved higher to RMB 13,360/mt. Later the contract fell back due to rising shorts, to close down RMB 40/mt or 0.3% at RMB 13,295/mt. Trading volumes saw a drop of 6,354 to 2,016 lots with positions down 4 to 14,232.
SHFE 1512 lead extended Thursday night’s losses on Friday and fell to RMB 13,170/mt due to exit of longs, to close at RMB 13,220/mt, losing RMB 115/mt or 0.86%. Trading volumes fell 1,520 to 6,850 lots and positions dropped 718 to 13,518.
Position closure by shorts are lower than longs and far-month contracts suffer sell-offs. Thus, SHFE 1512 lead should test support at the 60-day moving average.
SHFE lead price
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