SMM7 March 10:
During the day, the main 2008 contract of Shanghai lead opened at 15115 yuan / ton. In early trading, basic metals generally rose, and bulls added positions. Shanghai lead briefly pulled up to the intraday high of 15175 yuan / ton, under pressure of 15180 yuan / ton to give up the increase, and was supported by the daily average line. Short sellers made profits, short positions increased positions, Shanghai lead rose again, and generally fluctuated around 15145 yuan / ton. In the afternoon, short sellers dropped again, and Shanghai lead fell through the daily moving average. A small consolidation near 15075 yuan / ton below closed at 15070 yuan / ton, down 5 yuan / ton, or 0.03%. The position decreased by 6916 to 25225 hands, and the trading volume decreased by 6916 to 27094 hands. Shanghai lead recorded a short negative line, which fluctuated sharply along the intraday moving average today. It should be noted that warehouse receipt inventory increased by 1388 tons to 20314 tons, 07 contract positions decreased by 675 to 7255 tons, and the price difference between 07 contracts and main 08 contracts widened to about 405 yuan / ton. The situation of forcing positions has eased but still exists. It is expected that Shanghai lead will continue to fluctuate at a high level around 15100 yuan / ton at night. Lead prices in Shanghai remain strong in the short term.
