SHANGHAI, Dec. 28 (SMM) – SHFE 1602 lead started at RMB 13,160/mt for night trading last Friday before ranged between RMB 13,105-13,160/mt to end at RMB 13,155/mt, up by RMB 50/mt or 0.38%.
SHFE lead dropped quickly to RMB 13,000/mt on Monday and dipped to RMB 12,930/mt before closing at RMB 12,960/mt, off RMB 145/mt or 1.11%. Trading volumes were up 352 to 7,670 lots while positions fell 720 to 17,592.
SHFE 1602 lead finds support at the 20-day moving average currently. Downstream buying interest declines and some motive battery makers cut production, dragging down lead prices. SHFE far-month contract prices are lower than SHFE front-month contract, showing bearish outlook on lead prices. As such, SHFE 1602 lead will stay weak in short term.