SHANGHAI, Jun. 5 (SMM) – On Monday, SHFE 1707 lead opened at RMB 16,110/mt and then climbed to RMB 16,630/mt quickly. The contract later fell back to RMB 16,330/mt with longs taking profits and rallied thanks to leaving of shorts. SHFE 1707 lead closed RMB 315/mt or 1.95% higher at RMB 16,500/mt. Trading volumes rose 17,042 to 81,638 lots and positions increased 846 to 44,030. SHFE 1707 lead challenged resistance at the 60-day moving average but failed.
The contract will remain in upward track for a short term.