SHANGHAI, Sept. 7 (SMM) – On Tuesday’s night trading, SHFE 1610 lead opened at RMB 14,385/mt and then dropped with LME lead, down as low as RMB 14,200/mt. Later, the contract rebounded slightly and stabilized at RMB 14,310/mt before ending at RMB 14,305/mt.
On Wednesday, SHFE 1610 lead started at RMB 14,310/mt and then moved stably at around RMB 14,250/mt before closing at RMB 14,240/mt, down RMB 240 or 1.66%. Trading volumes rose 192 to 10,550 lots and positions reduced 1,226 to 19,838. Ferrous metals dived and base metals moved divergently, with weak SHFE 1611 lead on Wednesday.
SHFE 1611 lead should range between the 5 and 6-day moving averages for the foreseeable future.