SHANGHAI, Jan. 13 (SMM) – SHFE 1603 lead opened higher at RMB 12,580/mt during Tuesday night session and climbed to RMB 12,700/mt, to end at RMB 12,615/mt, a fall of RMB 20/mt.
China’s exports (RMB-denominated price) for December increased 2.3% YoY, versus expected fall of 4.1% and November’s drop of 3.7%. Imports declined 4% YoY in the same period, compared with expected slip of 7.9% and November’s fall of 5.6%, improving market sentiment.
SHFE 1603 lead grew to RMB 12,735/mt on Wednesday and ended the day at RMB 12,715/mt, up RMB 80/mt or 0.63%. Trading volumes fell 386 to 8,480 lots with positions up 660 to 13,564.
The modest gains in SHFE lead today were contributed by the following factors. SHFE lead met resistance at the 5 and 60-day moving averages. Both supply and demand stayed sluggish in market. Besides, positive impact from weakness in yuan will wane gradually for exports.