SHANGHAIM, Jun. 20 (SMM) – On Tuesday, SHFE 1707 lead opened at RMB 17,410/mt and then fluctuated between RMB 17,390-17,450/mt. Later, the contract registered intra-day high at RMB 17,780/mt with longs entering after Chinese yuan depreciated. SHFE 1707 lead fell back due to longs taking profits and closed at RMB 17,675/mt, up RMB 365/mt or 2.11%. Trading volumes rose 902 to 51,984 lots and positions increased 1,232 to 34,806.
SHFE 1707 lead will hover at highs in a short term with strong support from the moving averages.