SHANGHAI, Dec. 25 (SMM) – SHFE 1602 lead opened Thursday night session at RMB 13,055/mt and then dipped to RMB 13,020/mt. The contract rallied after finding support at the 5-day moving average and closed at RMB 13,130/mt with a loss of RMB 15/mt or 0.11%.

SHFE lead ranged RMB 13,080-13,150/mt on Friday and then climbed to RMB 13,190/mt following other metals. Then price growth was limited by sell-off pressure and the contracted fluctuated between RMB 13,110-13,170/mt, to end at RMB 13,145/mt, flat with Thursday. Trading volumes fell 5,722 to 7,318 lots whilst positions were up 128 to 18,312.

SHFE 1602 lead should challenge RMB 13,200/mt tonight with upbeat technical indicators and support at moving averages.