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.