SHANGHAI, Dec. 29 (SMM) – SHFE 1602 lead started Monday night trading session at RMB 12,940/mt and extended early day’s losses to dip to RMB 12,880/mt. Later the contract bounced back after finding support at the 60-day moving average and closed at RMB 12,975/mt with a loss of RMB 45/mt or 0.35%.
SHFE lead narrowly ranged around RMB 13,000/mt for day trading Tuesday and ended the day at RMB 13,000/mt, down by RMB 20/mt or 0.15%. Trading volumes saw a rise of 1,234 to 8,904 lots and positions grew 52 to 17,644.
SHFE 1602 lead will likely fall below RMB 13,000/mt this evening after slipping below the 60-day moving average.