SHANGHAI, Aug. 30 (SMM) – On Monday’s night trading, SHFE 1610 lead opened at RMB 13,875/mt and then declined to RMB 13,825/mt. Later, the contract stabilized at around RMB 13,860/mt and closed at RMB 13,870/mt.
On Tuesday, SHFE 1610 lead started at RMB 13,865/mt and then fluctuated around the opening price. The contract fell to RMB 13,765/mt and ended at RMB 13,810/mt, down RMB 115/mt or 0.83%. Trading volumes increased 170 to 8,748 and positions rose 202 to 18,132. SHFE 1610 lead dropped below the 20-day moving average with narrowing premiums in domestic spot market today.
SHFE 1610 lead should remain downward momentum for the short term.