SHANGHAI, Mar. 16 (SMM) – On Thursday, SHFE 1704 lead opened at RMB 18,500/mt and then stabilized. During the afternoon trading, SHFE 1704 lead declined to RMB 18,170/mt and then rallied. The contract closed at RMB 18,540/mt, up RMB 495/mt or 2.74%. Trading volumes rose 3,014 to 34,162 lots and positions increased 4,862 to 35,356. People’s Bank of China raised 6-month and one-year MLF rate but base metals increased across the board. SHFE 1704 lead broke through the 20-day moving average and touched the 60-day moving average on Thursday.
SHFE 1704 lead will drop slightly on Thursday’s night trading.