SHANGHAI, Nov. 11 (SMM) – On Friday, SHFE 1701 lead opened at RMB 17,250/mt and then declined to RMB 17,300/mt. The contract later rallied after touching the daily-low at RMB 17,060/mt. During the afternoon trading, SHFE 1701 lead kept rising momentum and regained lost ground. The contract broke through Thursday’s highest level to RMB 17,480/mt and finally closed at RMB 17,450/mt, up RMB 270/mt or 1.57%.Trading volumes fell 20,876 to 34,472 lots and positions decreased 732 to 27,564. Base metals remained firm on Friday and SHFE 1701 lead rose slightly. Trump team revealed policy framework, including infrastructure construction and easing banking supervision on Friday, supporting base metals.
SHFE 1701 lead is expected to keep buoyant for the short term with positive technical indicators and will challenge RMB 17,500/mt on Friday’s night trading.