SHANGHAI, Dec. 9 (SMM) – On Friday, SHFE 1702 lead opened at RMB 20,415/mt and then fluctuated at around RMB 20,415/mt, up to as high as RMB 20,620/mt. The contract finally closed at RMB 20,465/mt, down RMB 470/mt or 2.25%. Trading volumes fell 4,896 to 68,890 lots and positions rose 1,384 to 43,158. China’s CPI and PPI both increased as expected in November. SHFE 1702 lead dropped below the 10-day moving average with shorts strengthening.
SHFE 1702 lead will keep test support at the 5-day moving average in a short term.