SHANGHAI, May 15 (SMM) – On Monday, SHFE 1706 lead opened at RMB 15,920/mt and then fluctuated above the moving average at RMB 15,935-15,985/mt. The contract dipped sharply at the tail of trading with entering of shorts, down as low as RMB 15,885/mt, and later rallied to RMB 15,995/mt as longs strengthened. SHFE 1706 lead closed at RMB 15,965/mt, down 55/mt or 0.34%. Trading volumes reduced 3,132 to 62,448 lots and positions dropped 1,730 to 42,494. Price gap between SHFE 1705 lead and SHFE 1706 lead widened to RMB 125/mt, and trading volumes of SHFE 1705 lead rose 490 to 670 lots and positions dropped 210 to 9,390.
SHFE 1706 lead will remain weak for the foreseeable future.