SHANGHAI, May 14 (SMM) - SHFE 1507 lead dipped to RMB 13,405/mt after opening at RMB 13,580/mt Wednesday night. The metal ended at RMB 13,455/mt, falling RMB 35/mt.
The contract fell back to RMB 13,410/mt after starting Thursday’s trading session and then found support at RMB 13,400/mt to touch RMB 13,570/mt. The July delivery lead contract finished at RMB 13,550/mt, climbing RMB 60/mt or 0.44%. Trading volumes dropped 1,086 to 5,860 lots and positions fell 266 to 15,068.
SHFE 1507 lead is expected to stay in the current rang this evening as the 10-day and 20-day moving averages tend to be in the same line.