SHANGHAI, Jul. 19 (SMM) – Overnight, SHFE 1609 lead started at RMB 13,255/mt and dived to RMB 13,140/mt before rallying to RMB 13,290/mt, with closing prices at RMB 13,255/mt.
SHFE 1609 lead opened at RMB 13,220/mt on Tuesday and ended RMB 80/mt or 0.6% higher at RMB 13,340/mt with the session-high of RMB 13,390/mt. Trading volumes were up 54 to 11,526 lots and positions were up 302 to 19,592. Ferrous metals reported big declines today, which however, posted limited effect on nonferrous metals.
SHFE 1609 lead should remain strong in the near term with support at the 5-day moving average.