SHANGHAI, Aug. 22 (SMM) – On last Friday’s night trading, SHFE 1610 lead opened at RMB 14,000/mt and then dropped below RMB 14,000/mt after soaring to a session-high of RMB 14,035/mt. Later, the contract stabilized at RMB 13,970/mt and fell to a session-low of RMB 13,905/mt at the tail of trading before closing at RMB 13,930/mt.
On Monday, SHFE 1610 lead started at RMB 13,945/mt and then dropped to RMB 13,870/mt before finally ending at RMB 13,900/mt, down RMB 5/mt or 0.04%. Trading volumes were down 2,630 to 6,384 lots and positions were up 690 to 16,256.
Supply trends to rise with smelters restarting output this week. As such, SHFE 1610 lead faces downward pressure for the short term.