SHANGHAI, Nov. 17 (SMM) – SHFE 1601 lead opened lower at RMB 12,495/mt and closed down RMB 225/mt or 1.78% at RMB 12,395/mt with the session low at RMB 12,355/mt due to growing shorts, a 4-month low. Trading volume fell 1,916 to 3,802 lots while positions were up 232 to 12,724.
SHFE 1601 lead lurched down to RMB 12,125/mt during Monday trading session due to sell-offs by shorts and closed at RMB 12,260/mt, down by RMB 360/mt or 2.85%. Trading volumes jumped 7,046 to 12,764 lots with positions up 464 to 12,956.
SHFE 1601 lead should move on the weak side in the near term on the back of entering of shorts and strong dollar.