SHANGHAI, Nov. 18 (SMM) – SHFE 1601 lead started Tuesday night session at RMB 12,330/mt and then traced LME lead up to RMB 12,385/mt. The contract headed for losses before closing at RMB 12,285/mt, slipping RMB 15/mt or 0.12%. Trading volumes reduced 9,408 to 3,356 lots but positions grew 290 to 13,246.
SHFE 1601 lead once moved lower to RMB 12,005/mt after opening Wednesday trading session but then railed due to exit of shorts, to close at RMB 12,150/mt, down RMB 150/mt or 1.22%. Trading volumes saw a rise of 84 to 12,848 lots with positions up 1,042 to 13,998.
SHFE 1601 should test support at RMB 12,000/mt in short term with shorts gathering strength.