SHANGHAI, Nov. 2 (SMM) – On Wednesday, SHFE 1612 lead started at RMB 16,625/mt and rose slightly to RMB 16,670/mt. But the contract later dipped in a short time with exit of longs. During the afternoon trading, SHFE 1612 lead stabilized at around RMB 16,365/mt, down as low as RMB 16,310/mt. The contract finally closed at RMB 16,355/mt, down RMB 325/mt or 1.95%. Trading volumes fell 10,848 to 23,584 lots and positions reduced 3,090 to 25,756. SHFE 1612 lead moved above all moving averages on Wednesday and found support. Base metals fell across the board on Wednesday, but spot lead remained firm in China’s domestic market, supporting SHFE 1612 lead.
SHFE 1612 lead is predicted to hover at highs for the short term.