SMM4, 20 March:
Trend: Lunxi opened Friday at $15200 a tonne, up $15400 to a low of $15015, closing up $15175 a tonne, up $105a tonne. A total of 256 hands were sold throughout the day, and 17339 hands were held, down by 196 hands. Inventory was 6590 tons, 85 tons less than in the previous period. After opening at $15200 a tonne on Friday, Lunxi quickly rose to an intraday high of $15400 a tonne and then fell back, showing a wave-band concussion downward trend to a low of $15015 a tonne. At the end of the day, it rebounded and closed at US $15175 / ton, showing a cross star line, supported by the 5-day moving average, with the upper shadow line near the 40-day moving average, and the support level near the integer level of $15000 / ton tested below Lunxi. The upper resistance is near the previous high of $15700 / ton.