SHANGHAI, Nov. 24 (SMM) – On Thursday, SHFE 1701 lead opened at RMB 19,740/mt and then climbed to RMB 19,980/mt before fluctuating. During the afternoon trading, SHFE 1701 lead hovered at highs, up to as high as RMB 20,105/mt, and dropped slightly at the tail of trading. The contract finally closed at RMB 19,880/mt, up RMB 850/mt or 4.47%. Trading volumes increased 32,606 to 106,222 lots and positions rose 566 to 40,424. SHFE 1701 lead increased for four days in a row and refreshed record high again on Thursday with a large amount of capitals from longs flowing into market.
SHFE 1701 lead is expected to keep rising for the short term with optimistic outlook and tight lead spot supply in China’s domestic market.