SHANGHAI, Nov. 8 (SMM) – On Tuesday, SHFE 1701 lead started at RMB 16,855/mt and then advanced to a daily-high of RMB 16,860/mt. The contract later dropped to RMB 16,670/mt in a short time and regained some lost ground to RMB 16,760/mt. During the afternoon trading, SHFE 1701 lead declined again and then stabilized at lows before closing at RMB 16,690/mt, down RMB 145/mt or 0.86%. Trading volumes rose 3,906 to 30,278 and positions increased 918 to 25,886. To sum up, SHFE 1701 lead dropped below the moving average on Tuesday.
SHFE 1701 lead should keep fluctuating at current level on Tuesday’s night trading, or drop technically in a small range. But, the contract is expected to remain firm for the short term with positive technical indicators.