SHANGHAI, Aug. 11 (SMM) – On Wednesday’s night trading, SHFE 1609 lead opened higher at RMB 13,850/mt and then advanced slightly to a high level of RMB 13,885/mt. The contract was dragged down by LME lead to a session-low of RMB 13,755/mt before closing at RMB 13,760/mt.
On Thursday, SHFE 1609 lead started at RMB 13,735/mt and rose to RMB 13,940/mt with entering of longs before giving up some earlier gains. The contract finally ended at RMB 13,885/mt, up RMB 130/mt or 0.95%. Trading volumes increased 1,022 to 8,056 lots and positions rose 186 to 19,760. SHFE 1609 lead moved above the 5 and 10-day moving average again today. And the contract is expected to keep rising on firm spot price in China’s domestic market.