LC Futures gaped up in the morning with a 5% gain to almost...

LC Futures gaped up in the morning with a 5% gain to almost reach CNY125k but profit taking kicked in late morning to drop it below 120k. In the afternoon things didn't fare any better but it was expected after more than 30% gain over the last week or so. Today's swing from high to low was over 7.5% to finish 0.93% down at CNY117,600. It would be good to see it consolidate around these levels, but further selling to the 110k level cannot be ruled out. Hopefully bulls will jump back in to stabilize it or even take it higher.
The good thing is that spod prices kept climbing today to catch up with the futures and they now sit at USD987/mt.