SHANGHAI, May 12 (SMM) – On Friday, SHFE 1706 lead opened higher at RMB 16,295/mt and then dipped with positions opening by short. The contract later rallied to RMB 16,220/mt briefly with entering of longs and dived to RMB 15,980/mt. SHFE 1706 lead rallied slightly to RMB 16,145/mt, and closed lower at RMB 16,020/mt, down RMB 320/mt or 1.96%. Trading volumes increased 506 to 65,580 lots and position reduced 1,344 to 44,224. SHFE 1706 lead declined below all the moving averages again.
SHFE 1706 lead will fluctuate at around RMB 16,000/mt for the near term.