SHANGHAI, Aug. 23 (SMM) – On Monday’s night trading, SHFE 1610 lead opened at RMB 13,855/mt and then fluctuated around RMB 13,875/mt before closing at RMB 13,870/mt with a session-high of RMB 13,910/mt and a session-low of RMB 13,845/mt.
On Tuesday, SHFE 1610 lead started at RMB 13,880/mt and then advanced to RMB 13,960/mt. During the afternoon business, SHFE 1610 lead once dived to RMB 13,895/mt but later rebounded before closing at RMB 13,915/mt, down RMB 15/mt or 0.11%. Trading volumes rose 1,630 to 8,014 lots and positions increased 700 to 16,956.
Supply should be sufficient in China’s domestic market due to output resuming at smelters, which will weigh on lead prices. But SHFE 1610 lead is predicted to fluctuate at current price for the short term with support at moving averages.