SHANGHAIM, Jun. 22 (SMM) – On Thursday, SHFE 1707 lead started at RMB 17,775/mt and then dropped, hurt by entering of shorts. Later, the contract advanced to RMB 17,805/mt with shorts taking profits, but dipped sharply at the tail of trading to RMB 17,615/mt. SHFE 1707 lead finally closed at RMB 17,660/mt, up RMB 60/mt or 0.34%. Trading volumes dropped 5,608 to 51,356 lots and positions reduced 2,304 to 30,262.
SHFE 1707 lead will fluctuate at current level in a short term with strong resistance.