SHANGHAI, Aug. 29 (SMM) – On last Friday’s night trading, SHFE 1610 lead opened at RMB 14,000/mt and then ranged between RMB 13,950-14,040/mt. The contract later dived to RMB 13,910/mt with weak LME lead and ended at RMB 13,940/mt.
On Monday, SHFE 1610 lead started at RMB 13,950/mt and then fell to RMB 13,855/mt before stabilizing at RMB 13,900/mt. The contract finally closed at RMB 13,905/mt, down RMB 45/m or 0.32%. Trading volumes were down 234 to 8,578 lots and positions were up 534 to 17,930. Repeated failures of challenging RMB 14,000/mt for SHFE lead aroused negative attitudes and more longs left marks. Hence, SHFE 1610 lead declined below the 5-day moving average on Monday.
SHFE 1610 lead is expected to fluctuate at current price for the short term with support at the 10 and 20-day moving averages.