SHANGHAI, Dec. 23 (SMM) – SHFE 1602 lead opened at RMB 13,030/mt during Tuesday night session before moving between RMB 12,990-13,055/mt, to end at RMB 13,020/mt, down by RMB 50/mt or 0.38%.
SHFE lead dived to RMB 12,900/mt on Wednesday but later bounced back to RMB 13,145/mt on short-covering, to finish at RMB 13,090/mt, down RMB 20/mt or 0.15%. Trading volumes were down 1,374 to 11,062 and positions fell 138 to 18,328.
SHFE 1602 lead should challenge RMB 13,100/mt this evening. The contract stabilizes at RMB13,000/mt and technical indicators point upside.