SHANGHAI, Nov. 28 (SMM) – On Monday, SHFE 1701 lead started at RMB 21,335/mt and then climbed quickly to its daily upward limit of RMB 21,635/mt. The contract later hovered at RMB 21,560/mt and dropped to RMB 21,327/mt during European trading hours. SHFE 1701 lead finally closed at RMB 21,635/mt, up RMB 1,415/mt or 7%. Trading volumes rose 36,984 to 163,666 lots and positions increased 36,984 to 163,666. SHFE 1701 lead increased due to positive fundamentals and most SHFE lead contracts advanced to their daily upward limits with a large of capitals flowing into market. Base metals strengthened across the board, supported by firm SHFE 1701 lead and SHFE 1701 zinc.
SHFE 1701 lead will hover at highs on Monday’s night trading with slowing growth and is expected to advance to highs again for the nearing future with market’s optimistic outlook.