SHANGHAI, Aug. 26 (SMM) – On Thursday’s night trading, SHFE 1610 lead opened lower at RMB 13,945/mt and then slid to RMB 13,865/mt. The contract later stabilized at around RMB 13,900/mt and closed at RMB 13,925/mt.
On Friday, SHFE 1610 lead started at RMB 13,945/mt and then soared to RMB 14,050/mt. Later, the contract dropped below RMB 14,000/mt due to position closing by longs and ended at RMB 13,960/mt, up RMB 10/mt or 0.07%. Trading volumes fell 4,318 to 8,812 lots and positions decreased 610 to 17,396.
Spot lead should stay firm for the short term， which will support SHFE 1610 lead. Moreover, supply rises with primary and secondary lead smelters resuming operations and this will weigh on SHFE 1610 lead. Thus, SHFE 1610 lead is expected to fluctuate around RMB 14,000/mt in the future with mixed factors.