SHANGHAI, Dec. 21 (SMM) – SHFE 1602 lead started at RMB 12,890/mt during last Friday night session and dipped to RMB 12,795/mt. The contact rebounded after finding support at the 20-day moving average and finally finished at RMB 12,895/mt.
SHFE lead dropped to RMB 12,800/mt on Monday but then climbed to RMB 13,085/mt before ending at RMB 13,070/mt, up RMB 320/mt or 2.51%. Trading volumes reduced 8,174 to 15,172 lots and positions were down 352 to 17,784.
SHFE 1602 lead should consolidate support at RMB 13,000/mt tonight. Both shorts and longs exited market, showing cautious sentiment. SHFE 1602 lead moved above moving averages and returned above RMB 13,000/mt.