SHFE Lead Prices Up 2.4% (2016-9-27)

Sep 27, 2016 17:21

Source:SMM

SHFE 1611 lead moved stably after starting at RMB 14,600/mt and finally closed at RMB 14,750/mt, up RMB 345/mt or 2.4%.

SHANGHAI, Sept. 27 (SMM) – On Monday’s night trading, SHFE 1611 lead opened higher at RMB 14,485/mt and then advanced to RMB 14,670/mt with a large amount of positions opening by longs. The contract finally ended at RMB 14,620/mt.

On Tuesday, SHFE 1611 lead moved stably after starting at RMB 14,600/mt. Base metals posted gains across the broad after 14:00 on Tuesday. SHFE 1611 lead outperformed= others and once hit RMB 14,890/mt but dropped slightly at the tail of trading. The contract finally closed at RMB 14,750/mt, up RMB 345/mt or 2.4%. Trading volumes rose 18,514 to 30,532 lots and positions increased 5,252 to 26,284.

SHFE 1611 lead should remain firm for the short term due to buoyant spot prices in China’s domestic market and positive technical indicators.

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SHFE Lead Prices Up 2.4% (2016-9-27)

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