SHFE Lead Finishes Lower (2017-5-5)

SHANGHAI, May 5 (SMM) – On Friday, SHFE 1706 lead started at RMB 16,070/mt and then dipped to RMB 15,990/mt briefly. The contract later rallied to RMB 16,155/mt, and dived to around RMB 16,000/mt at the tail of trading. SHFE 1706 lead closed at RMB 16,020/tm, down RMB 65/mt or 0.4%. Trading volumes fell 3,732 to 59,216 lots and positions dropped 770 to 49,308.

SHFE 1706 lead will drop slightly, weighed by the moving averages, but will find support at RMB 16,000/mt. Besides, maintenance at lead smelters and environmental factor will spur lea prices. SHFE 1706 lead will fluctuate at RMB 16,000/mt for the foreseeable future.