SHANGHAI, Aug. 25 (SMM) – On Wednesday’s night trading, SHFE 1610 lead opened at RMB 13,995/mt and then advanced to RMB 14,070/mt before dropping back to RMB 13,920/mt. The contract finally closed at RMB 13,920/mt.
On Thursday, SHFE 1610 lead started at RMB 13,910/mt and then stabilized around RMB 13,905/mt. The contract touched RMB 13,990/mt and gave up previous gains at the tail of trading before ending at RMB 13,970/mt, up RMB 10/mt or 0.07%. Trading volumes rose 3,828 to 13,130 lots and positions increased 648 to 18,006. To sum up, SHFE 1610 lead traded above the 5-day moving average on Thursday.
SHFE 1610 lead should keep challenging RMB 14,000/mt for the short term.