SHANGHAI, Nov. 29 (SMM) – On Tuesday, SHFE 1701 lead opened at RMB 22,370/mt and then fluctuated at around RMB 22,330/mt. During the afternoon trading, SHFE 1701 lead rallied from RMB 21,555/mt. Later, the contract gave up some previous gains and dropped to around RMB 22,010/mt. SHFE 1701 lead dropped further at the tail of trading and finally closed at RMB 21,865/mt, up RMB 840/mt or 4%. Trading volumes were up 106,000 to 269,264 lots and positions were down 2,570 to 4,287. SHFE 1701 lead maintained strong on Tuesday, thanks to positive fundamentals.
Attention should be on a possible decline of SHFE 1701 lead due to longs taking profits and the contract will keep firm for the short term.