SHANGHAI, Dec. 15 (SMM) – SHFE 1602 lead started Monday evening session at RMB 13,020/mt and dipped to RMB 12,920/mt. The contract later rallied after finding support at the 5-day moving average and closed at RMB 13,100/mt, up by RMB 15/mt.
SHFE lead once lurched up to RMB 13,175/mt on Tuesday but later fell back below the 5-day moving average, to end at RMB 13,000/mt, down by RMB 85/mt or 0.65%. Trading volumes were up 486 to 11,398 lots and positions fell 112 to 17,362.
SHFE 1602 lead is lacked in rising strength and news of stockpiling in Chinese market is gradually digested by markets. The contract should test support from the 10-day moving average this evening.
Today is the last trading day for SHFE 152 lead and the contract started at RMB 13,160/mt and once moved higher to RMB 13,175/mt, to end at RMB 13,175/mt. Trading volumes were at 50 lots and positions at 730 with settlement prices at RMB 13,165/mt.