SHANGHAI, Dec. 18 (SMM) – SHFE 1602 lead started at RMB 12,805/mt for night trading Thursday and moved lower to RMB 12,640/mt with shorts gathering strength, to end at RMB 12,645/mt, down by RMB 315/mt or 2.43%.
SHFE lead moved in a tight range of RMB 12,700-12,750/mt on Friday and later climbed to RMB 12,860/mt due to news of stockpiling on Chinese copper market, to close at RMB 12,815/mt, falling RMB 145/mt or 1.12%. Trading volumes were up 5,958 to 23,346 lots and positions grew 576 to 18,136.
SHFE 1602 lead moved around RMB 12,800/mt currently and should find support at the 40 and 60-day moving averages. SHFE 1602 lead will likely be slow to fall due to stockpiling news.