SHANGHAI, May 25 (SMM) – On Thursday, SHFE 1707 lead started at RMB 15,920/mt and then fluctuated at RMB 15,840-15,890/mt. Later, the contract climbed to RMB 15,950/mt with leaving of shorts, but fell quickly to RMB 15,820/mt. SHFE 1707 lead rallied again at the tail of trading and finally closed up RMB 20/mt or 0.13% to RMB 15,930/mt. Trading volumes increased 10,482 to 45,214 lots and positions rose 16,516 to 41,276. SHFE 1707 lead failed breaking the 20-day moving average intra-day, but found strong support at RMB 15,700/mt.
The contract will trade at RMB 15,750-16,000/mt for a short term.