SHANGHAI, Nov. 7 (SMM) – On Monday, SHFE 1701 lead, becoming the most actively traded one, opened at RMB 16,770/mt and then dropped to a daily-low of RMB 16,690/mt. The contract later rallied to around RMB 16,790/mt. During the afternoon trading, SHFE 1701 lead broke through RMB 17,000/mt and kept rising to RMB 17,100/mt but the contract gave up some previous gains after hitting a new high. The contract opened at RMB 16,770/mt Trading volumes were up 5,154 to 17,148 lots and positions were down 1,150 to 22,160. Ferrous metals advanced to its daily upward limit on Monday and base metals also surged across the board. SHFE 1701 lead got a new high on Monday.

SHFE 1701 lead will rise slightly for the short term, supporting by buoyant offers from suppliers in China’s domestic market.