SHFE Lead Ends with Gains (2016-10-31)

SHANGHAI, Oct. 31 (SMM) – On Monday, SHFE 1612 leas started at RMB 16,510/mt and then dropped to RMB 16,295/mt. During the afternoon trading, SHFE 1612 lead kept rising and mainly moved at RMB 16,440/mt before closing at RMB 16,470, up RMB 110/mt or 0.67%. Trading volumes rose 5,610 to 25,492 lots and positions fell 802 to 30,442. Attention should be on US’s personal income and consumption in September, which are expected to be higher than August’s level. US dollar index will keep firm. But European figures should be positive at present. Spot premiums narrowed in China’s domestic market but still support SHFE 1612 lead.

SHFE 1612 lead is predicted to stabilized for the short term with support at the moving averages.