SHFE Lead Closes Higher (2016-11-10)

SHANGHAI, Nov. 10 (SMM) – On Thursday, SHFE 1701 lead opened at RMB 17,080/mt and then kept Wednesday night trading’s rising momentum to RMB 17,395/mt. The contract later dropped slightly and rallied to RMB 17,260/mt before stabilizing. During the afternoon trading, SHFE 1701 lead increased again to RMB 17,465/mt and stabilized at highs at the tail of trading. The contract finally ended at RMB 17,400/mt, up RMB 605/mt or 3.6%. Trading volumes increased 26,834 to 55,348 and positions rose 1,636 to 28,296. Base metals increased across the board on Thursday, some base metals climbed to their daily upward limits, thanks to a large amount of positions opening by longs and SHFE 1701 lead hit a new high with bullish outlook. Spot lead supply kept tight in China’s domestic market.

SHFE 1701 lead is predicted to remain upward momentum on Thursday’s night trading.