SHFE Lead Closes with Gains (2016-8-5)-Shanghai Metals Market

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SHFE Lead Closes with Gains (2016-8-5)

Price Review & Forecast 05:36:57PM Aug 05, 2016 Source:SMM

SHANGHAI, Aug. 5 (SMM) – On Thursday’s night trading, SHFE 1609 lead opened lower at RMB 13,770/mt and then rebounded to RMB 13,830/mt before ending at RMB 13,795/mt.

On Friday, SHFE 1609 lead started at RMB 13,770/mt and once dropped slightly back to RMB 13,705/mt. The contract soared sharply at the tail of trading and closed at RMB 13,705/mt, up RMB 120/mt or 0.87%. Trading volumes rose 2,964 to 8,958 lots and positions increased 170 to 21,344. SHFE 1609 lead rose above all moving averages again for the whole day.

SHFE 1609 lead is expected to continue challenging RMB 14,000/mt mark in the future with positive technical indicators.

SHFE Lead Closes with Gains (2016-8-5)

Price Review & Forecast 05:36:57PM Aug 05, 2016 Source:SMM

SHANGHAI, Aug. 5 (SMM) – On Thursday’s night trading, SHFE 1609 lead opened lower at RMB 13,770/mt and then rebounded to RMB 13,830/mt before ending at RMB 13,795/mt.

On Friday, SHFE 1609 lead started at RMB 13,770/mt and once dropped slightly back to RMB 13,705/mt. The contract soared sharply at the tail of trading and closed at RMB 13,705/mt, up RMB 120/mt or 0.87%. Trading volumes rose 2,964 to 8,958 lots and positions increased 170 to 21,344. SHFE 1609 lead rose above all moving averages again for the whole day.

SHFE 1609 lead is expected to continue challenging RMB 14,000/mt mark in the future with positive technical indicators.