SHANGHAI, Dec. 2 (SMM) – SHFE 1602 lead shifted to the most actively-traded contract for night trading Tuesday, to start at RMB 12,550/mt and advance to RMB 12,700/mt with closing prices at RMB 12,680/mt.
On Wednesday, the February-delivery contract opened at RMB 12,735/mt and shot up to RMB 12,780/mt due to output cut news and position opening by longs. The contract traced LME lead down in the afternoon business and closed up RMB 20/mt or 0.16% at RMB 12,620/mt. Trading volumes reduced 50 to 5,750 lots while positions grew 1,064 to 12,962.
SHFE 1602 lead should test support from RMB 12,460/mt this night because of firmness in dollar.