SHANGHAI, Jun. 9 (SMM) – SHFE 1508 lead opened at RMB 13,135/mt Monday evening session and advanced to RMB 13,260/mt, to close the session up RMB 40/mt at RMB 13,150/mt after meeting resistance at the 10 and 20-day moving averages.
China’s CPI grew 1.2% YoY while PPI fell 4.6% YoY in May, boosting the case for another reserve rate cut. Thus, the August delivery lead advanced to RMB 13,150-13, 200/mt during Tuesday session, to end the day at RMB 13,150/mt, up RMB 55/mt.