SHANGHAI, May 9 (SMM) – On Tuesday, SHFE 1706 lead started at RMB 16,070/mt and then advanced to RMB 16,105/mt due to entering of longs. The contract later dipped to RMB 16,105/mt and regained most previous lost ground at the tail of trading. SHFE 1706 lead closed at RMB 16,050/mt. Trading volumes reduced 21,232 to 53,752 lots and positions fell 278 to 49,436.
SHFE 1706 lead will not keep rebounding with resistance from the moving averages and will fluctuate at around RMB 16,000/mt for the foreseeable future.