SHFE Lead Trades Lower on Sell-off Pressure (Mar. 23, 2016)

Published: Mar 23, 2016 15:28

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SHFE 1605 lead started at RMB 13,595/mt overnight and met resistance at the 10-day moving average.

SHANGHAI, Mar. 23 (SMM) – SHFE 1605 lead started at RMB 13,595/mt overnight and met resistance at the 10-day moving average with closing prices down RMB 15/mt at RMB 13,620/mt.

The May-delivery lead on SHFE once climbed to RMB 13,710/mt on Wednesday due to exit of shorts but later went lower in face of selling pressure, to end at RMB 13，570/mt, off RMB 65/mt or 0.48%. Trading volumes grew 150 to 6,854 and positions were up 10 to 18,642.

SHFE 1605 lead should continue weak trading this evening with strong resistance.

SHFE lead prices lead prices Pb prices

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