SHANGHAI, May 24 (SMM) – On Wednesday, SHFE 1707 lead opened at RMB 15,840/mt and then fell to RMB 15,660/mt with positions opening by longs. Later, the contract surged quickly to RMB 15,975/mt thanks to entering of longs and closed at RMB 15,930/mt, up RMB 65/mt or 0.41%. Trading volumes increased 11,748 to 55,654 lots and positions rose 1,384 to 40,930. SHFE 1707 lead outperformed LME lead, but met strong resistance at the 20-day moving average. The contract will keep upward momentum for the foreseeable future. Price gap between SHFE 1706 lead and SHFE 1707 lead narrowed to RMB 20/mt. Spot prices increased constantly.