SHANGHAI, Jun. 7 (SMM) – On Wednesday, SHFE 1707 lead opened at RMB 16,485/mt and then advanced to RMB 16,515/mt briefly with entering of large amounts of longs. The contract later dipped to RMB 16,380/mt and rallied to RMB 16,540/mt thanks to positions opening by longs. SHFE 1707 lead closed at RMB 16,480/mt, down RMB 125/mt or 0.75%. Trading volumes rose 8,264 to 86,514 lots and positions reduced 1,860 to 42,986.
The contract will fluctuate at the 5 and 60-day moving averages for a short term.