SHANGHAI, Nov. 9 (SMM) – On Wednesday, SHFE 1701 lead opened at RMB 16,960/mt and then kept Tuesday night trading’s rising momentum, up to as high as RMB 17,050/mt. SHFE 1701 lead dived to RMB 16,550/mt as US presidential election result issued and later regained some lost ground. During the afternoon trading, SHFE 1701 lead stabilized at around RMB 16,715/mt and finally ended at RMB 16,690/mt, down RMB 145/mt or 0.86%. Trading volumes increased 1,750 to 32,028 lots and positions rose 774 to 26,660. Trump reversed to win in US presidential election on Wednesday, raising market’s risk aversion. SHFE 1701 lead fell from highs on Wednesday with entering of shorts and met resistance at the 5-day moving average, but other moving averages still supported the contract.
SHFE 1701 lead is expected to remain at highs for the short term with positive fundamentals.