SHANGHAI, May 10 (SMM) – On Wednesday, SHFE 1706 lead started at RMB 16,060/mt and then climbed to RMB 16,280/mt with positions opening by longs. The contract later dropped, hurt by longs taking profits, and increased again at the tail of trading as longs strengthened. SHFE 1706 lead closed at RMB 16,190/mt, up RMB 140/mt or 0.87%. Positions reduced 2,576 to 46,860 and trading volumes increased 12,852 to 66,604 lots. SHFE 1706 lead moved above the 5-day moving average and broke through the 10 and 20-day moving averages on Wednesday.
SHFE 1706 lead will keep fluctuating at lows for a short term.