SHANGHAI, Dec. 22 (SMM) – SHFE 1602 lead started Monday evening session at RMB 13,090/mt before moving between RMB 13,055-13,160/mt, to end at RMB 13,100/mt, up RMB 185/mt or 1.43%.
SHFE lead climbed higher to RMB 13,160/mt after opening Tuesday trading session but then fell back due to selloff pressure at highs. The contract stabilized at RMB 13,000-13,050/mt and closed at RMB 13,005/mt, up RMB 90/mt or 0.7%. Trading volumes fell 2,736 to 12,436 lots whilst positions were up 682 to 18,466.
SHFE 1602 lead will move on the weak side this evening with position opening by shorts higher than longs. The contract finds support at the 10-day moving average and RMB 13,000/mt.