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[brief Review of lead in SMM period] Changyang, the bald head of Shanghai lead, is expected to fluctuate mainly at night.
Jul 8,2020 16:10CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7, March 8:

During the day, the main 2008 contract of Shanghai lead opened at 14750 yuan / ton. In early trading, non-ferrous metals generally rose, short positions reduced, long positions increased, Shanghai lead prices were boosted and fluctuated upwards along the daily moving average. Near noon, Shanghai lead reached 14830 yuan / ton, approaching the previous high, bulls made profits, Shanghai lead pullback, fell to near the daily moving average in the afternoon, short positions were blocked, left one after another, lead prices turned up again, at the end of the day, It finally closed at the intraday high of 14840 yuan / ton, up 170 yuan / ton, or 1.16%. The position decreased by 93 lots to 25715 lots, and the trading volume increased by 2813 lots to 22995 lots. Shanghai lead recorded bald Changyang, the overall trend is strong, transactions are active, k-line entities re-stand on the 5-day moving average, to explore the previous high, KDJ indicators have been closed, the overall technical side is more, but the rise in Shanghai lead prices is based on short positions as the premise, need to pay attention to whether the night short will enter high, it is expected that Shanghai lead will be supported by the 5-day moving average, bearing a pressure of 14840 yuan / ton first-line concussion. It is worth noting that the main 08 contract position is decreasing, while 09 contract and 10 contract position increased by 340 hands, the total position is about 23000 hands, approaching the main 08 contract position, indicating that the main capital continues to move backward, 08 contract and 09 contract price difference has also shrunk from 85 yuan / ton to 65 yuan / ton. In addition, the position in 07 contracts in that month remained at nearly 8000 hands, while warehouse receipt inventory was almost the same as yesterday, and the growth rate continued to slow.

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