SHANGHAI, Aug. 18 (SMM) – On Wednesday’s night trading, SHFE 1609 lead opened higher at RMB 13,555/mt and dropped back to RMB 13,570/mt after soaring to RMB 13,625/mt. The contract later advanced to RMB 13,645/mt and closed at RMB 13,600/mt.
On Thursday, SHFE 1609 lead started at RMB 13,615/mt and ended at RMB 13,840/mt, up RMB 290/mt or 2.14%. Trading volumes were up 472 to 7,252 lots and positions were down 992 to 14,564. SHFE 1609 lead broke through moving averages and regained early week’s losses today.
SHFE 1609 lead should fluctuate at current price for the short term with firm spot price in China’s market.