SHANGHAI, Nov. 14 (SMM) – On Monday, SHFE 1701 lead started at RMB 17,005/mt and then advanced to RMB 17,555/mt. During the afternoon trading, SHFE 1701 lead kept rising momentum and rose to a daily high at RMB 17,750/mt and hovered at highs at the tail of trading. The contract finally closed at RMB 17,675/mt, up RMB 395/mt or 2.29%. Trading volumes increased 41,534 to 76,006 lots and positions rose 428 to 27,992. Base metals reversed to rise after diving last Friday in SHFE market. SHFE 1701 lead regained last Friday’s lost ground on Monday with entering of longs and stabilized above all moving averages. Spot lead supply is expected to increase in China’s market with nearing of delivery date, leading to improving trading.
SHFE 1701 lead is expected to keep hovering at highs for the short term, but market should eye on a possible decline due to longs taking profit at highs on Monday’s night trading.