SHANGHAI, Jun. 15 (SMM) – On Thursday, SHFE 1707 lead started at RMB 16,750/mt and then climbed to RMB 17,190/mt with entering of longs and then hovered at highs. Base metals dropped after opening with market concerns on US’s rate hike in June’s meeting and SHFE 1707 lead dipped to RMB 17,000/mt. Later, the contract rallied to RMB 17,215/mt and edged down at the tail of trading due to longs taking profits. SHFE 1707 lead closed at RMB 17,110/mt, up RMB 240/mt or 1.42%. Trading volumes increased 3,808 to 68,668 lots and positions rose 856 to 36,828.
SHFE 1707 lead will remain in upward track with support from the moving averages.