SHANGHAI, Nov. 3 (SMM) – On Thursday, SHFE 1612 lead started at RMB 16,400/mt and then advanced to RMB 16,660/mt before a small decline. The contract later rallied to RMB 16,610/mt and finally closed at RMB 16,640/mt, up RMB 120/mt or 0.73%. Trading volumes fell 11,932 to 11,652 lots and positions reduced 754 to 25,002. SHFE 1612 lead moved above the 5-day moving average on Thursday with positive technical indicators. And tight supply in China’s domestic market also supported SHFE 1612 lead.
SHFE 1612 lead will be sensitive to rise for the foreseeable future.