SHANGHAIM, Jul. 21 (SMM) – On Friday, SHFE 1708 lead opened at RMB 17,365/mt and then climbed to RMB 17,465/mt thanks to leaving of shorts. Later, the contract swung widely between RMB 17,350-17,400/mt. SHFE 1708 lead increased again at the tail of trading as longs strengthened before ending at RMB 17,460/mt, up RMB 90/mt or 0.52%. Trading volumes reduced 2,506 to 40,034 lots and positions decreased 3,108 to 23,756. SHFE 1708 lead rallied from lows on Friday.
The contract will fluctuate at current level in a short term with strong resistance.