SHANGHAI, Mar. 1 (SMM) – On Wednesday, SHFE 1704 lead opened at RMB 18,550/mt and then fluctuated at lows after declining to RMB 18,470/mt. The contract advanced to RMB 18,685/mt with other rising base metals and broke through the 5 and 40-day moving averages briefly. Later, SHF 1704 lead declined with strong pressure and closed at RMB 18,625/mt, up RMB 85/mt or 0.46%. Trading volumes were down 20,062 to 60,048 lots and positions were up 952 to 41,740. Trump’s USD 1 trillion infrastructure construction plan and China’s higher-than-expected February official manufacturing PMI sent base metals up. SHFE 1704 lead stopped a 5-day decline and increased slightly on Wednesday, but trading volumes dropped sharply, showing market low expectation over price growth. So, there’s a possible decline for SHFE 1704 lead.
The contract will remain weak on Wednesday’s night trading.