SAHNGHAI, Nov. 17 (SMM) – On Thursday, SHFE 1701 lead opened at RMB 17,925/mt and then fluctuated at around RMB 17,885/mt, up to as high as RMB 17,970/mt. The contract later dived to RMB 17,400/mt, hurt by long taking profits at highs, before rallying to RMB 17,750/mt. The contract kept fluctuating at the tail of trading and finally closed at RMB 18,320/mt, down RMB 480/mt or 2.63%. Trading volumes fell 22,490 to 58,104 lots and positions reduced 2,142 to 29,910. Base metals dropped across the board on Thursday and SHFE 1701 lead also plumped and moved above the 5-day moving average.
SHFE 1701 lead is expected to decline slightly for the short term.