SHANGHAI, Jan. 15 (SMM) – SHFE 1603 lead started Thursday night session at RMB 12,815/mt and climbed to RMB 12,880-12,900/mt due to growth in longs, to end at RMB 12,885/mt, up RMB 105/mt or 0.82%.
SHFE 1603 lead moved higher to RMB 12,925/mt on Friday but later dipped to RMB 12,575/mt with widening slump in Chinese stock market and falling crude oil prices, to close at RMB 12,585/mt, down by RMB 195/mt or 1.53%. Trading volumes were up 2,844 to 12,156 lots but positions were down 330 to 13,382.
SHFE 1603 lead slipped below moving averages, declines extended in Chinese stock market and crude oil prices retreated earlier two day’s losses, triggering bearishness. Thus, SHFE 1603 lead will test RMB 12,500/mt this evening.