SHANGHAI, Aug. 19 (SMM) – On Thursday’s night trading, SHFE 1610 copper opened higher at RMB 37,480/mt and then plunged to RMB 37,260/mt with exit of longs, and closed at RMB 37,290/mt, up RMB 60/mt. Positions were down 3,882.
On Friday, SHFE 1610 copper started at RMB 37,290/mt and dipped to RMB 37,230/mt. The price later rebounded above the 10-day moving average after finding support at the 5-day moving average. The red metal finally closed at RMB 37,390/mt, up RMB 160/mt. Positions fell 4,320. Positions of all SHFE copper contracts reduced 4,420 to 500,000 with trading volumes at 230,000 lots.