SHANGHAI, Mar. 13 (SMM) – On Monday, SHFE 1704 lead opened at RMB 17,945/mt and then advanced to RMB 18,260/mt at the tail of trading. The contract ended at RMB 18,160/mt, up RMB 335/mt or 1.88%. Trading volumes rose 18,780 to 64,710 lots and positions fell 2,078 to 32,062. SHFE 1704 lead broke through RMB 18,000/mt on Monday and dropped after touching the 10-day moving average.
As oversupply in China’s spot market will not change in a short term, SHFE 1704 lead will fluctuate at around RMB 18,000/mt.