SHANGHAI, Sept. 21 (SMM) – On Tuesday’s night trading, SHFE 1611 lead started higher at RMB 14,525/mt and then moved up quickly to RMB 14,700/mt, up to as high as RMB 14,745/mt. The contract finally ended at RMB 14,685/mt.
On Wednesday, SHFE 1611 lead started at RMB 14,685/mt and then dropped to RMB 14,540/mt. During the afternoon business, the Bank of Japan Governor announced monetary policy decision and held interest rate unchanged. But the Governor also indicated that BOJ will ease monetary policy if needs. Base metals price rebounded slightly. SHFE 1611 lead ended at RMB 14,620/mt, up RMB 195/mt or 1.35%. Trading volumes rose 5,486 to 18,462 lots and positions increased 2,742 to 21,460. SHFE 1611 lead hovers at highs currently and firm spot premiums supported SHFE lead prices.
SHFE 1611 lead should remain upward momentum for the short term with positive technical indicators.