SHANGHAI, Aug. 15 (SMM) – On last Friday’s night trading, SHFE 1609 lead opened lower at RMB 13,745/mt and then rose to RMB 13,865/mt before finally ending at RMB 13,755/mt.
On Monday, SHFE 1609 lead started at RMB 13,750/mt and then moved stably during the the morning session. The contract dived by RMB 300/mt in the afternoon business before closing at RMB 13,470/mt, down RMB 360/mt or 2.6%. Trading volumes were up 6,426 to 11,170 lots and positions were down 3,002 to 16,870. SHFE 1609 lead dropped below the 20-day moving average due to positions closing by longs, hurt by falling ferrous metal prices. And the contract should test support at the 40-day moving average for the short term.