SHANGHAI, Jul. 29 (SMM) – On Thursday’s night trading, SHFE 1609 lead opened at RMB 13,610/mt and then dropped below RMB 13,600/mt before touching a low level of RMB 13,575/mt. The contract recaptured the earlier losses then and fluctuated at around RMB 13,650/mt before finally closing at RMB 13,650/mt.
On Friday, SHFE 1609 lead started at RMB 13,675/mt and then rose to previous level of RMB 13,750/mt. The contract ended at RMB 13,775/mt, up RMB 85/mt or 0.62%. Trading volumes were up 1,648 to 19,752 lots and positions were down 934 to 22,124. SHFE 1609 lead drifted higher to above the 5-day moving average on today.
The contract is predicted to keep rising momentum and challenge RMB 13,800/mt for the short term.