SHFE Lead Closes Lower (2016-9-26)

SHANGHAI, Sept. 26 (SMM) – On Friday’s night trading, SHFE 1611 lead opened at RMB 14,450/mt and then stabilized between RMB 14,400-14,475/mt before ending at RMB 14,440/mt.

On Monday, SHFE 1611 lead started at RMB 14,445/mt and then dropped from highs . During the afternoon business, SHFE 1611 lead rebounded in a narrow range and ended down RMB 110/mt or 0.76% at RMB 14,440/mt with a session high of RMB 14,525/mt and a session low of RMB 14,335/mt. Trading volumes fell 1,618 to 12,018 lots and positions decreased 664 to 21,032. Base metals stayed weak with falling LME metal prices on Monday while SHFE 1611 lead was still strong, thanks to firm spot lead in China’s domestic market. 

SHFE 1611 lead should keep fluctuating between the 5 and 10-day moving averages for the short term.