SHFE Lead Posts Declines on Growing Shorts (Nov. 5, 2015)

Published: Nov 5, 2015 16:47

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SHFE 1512 lead once lurched up to RMB 13,290/mt due to Chinese stock rally during daytime after opening Wednesday night session at RMB 13,175.

SHANGHAI, Nov. 5 (SMM) – SHFE 1512 lead once lurched up to RMB 13,290/mt due to Chinese stock rally during daytime after opening Wednesday night session at RMB 13,175. Nonetheless, the contract posted a slip responding to falling crude oil prices and stronger dollar and closed at RMB 13,100/mt. Trading volumes declined 2,232 to 1,238 lots and positions dropped 172 to 11,164.

SHFE lead opened at RMB 13,080/mt during Thursday trading session and then headed for losses with shorts gathering strength. Base metal prices did not get a boost from Chinese stock market. The contract finally closed at RMB 13,025/mt, down RMB 75/mt or 0.57%. Trading volumes were up 206 to 3,676 lots but positions declined 430 to 10,906.

SHFE lead is expected to fall further with technical indicators pointing downside in near future.

SHFE LEAD prices

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