SHANGHAI, Nov. 30 (SMM) – On Wednesday, SHFE 1701 lead opened at RMB 21,190/mt and then fluctuated after dropping to RMB 21,165/mt. Later, SHFE 1701 lead plumped to its daily downward limit with positions closing both by longs and shorts. The contract stabilized at the tail of trading and finally ended at RMB 20,670/mt, down RMB 1,560/mt or 7.02%. Trading volumes fell 1,302 to 267,962 lots and positions reduced 3,006 to 39,866. US dollar index moved firmly on Wednesday. Ferrous metals dropped to their daily downward limits, waning nonferrous metals. SHFE 1701 lead dived to the 5-day moving average on Wednesday.
SHFE 1701 lead is predicted to test support at the 5-day moving average in a short term.