SHANGHAI, Sept. 28 (SMM) – On Tuesday’s night trading, SHFE 1611 lead opened at RMB 14,750/mt and then dropped to RMB 14,605/mt before closing at RMB 14,655/mt.
On Wednesday, SHFE 1611 lead started at RMB 14,635/mt and then fluctuated at RMB 14,645-14,720/mt. The contract finally ended at RMB 14,650/mt, down RMB 30/mt or 0.2%. Trading volumes declined 16,298 to 14,234 lots and positions fell 1,928 to 24,356. Base metals stabilized on Wednesday and SHFE 1611 lead moved above all moving averages.
SHFE 1611 lead is predicted to remain hovering at highs before China’s National Day Holiday during October 1-7 with support from firm spot price in China’s domestic market.