SHANGHAI, Aug. 8 (SMM) – SHFE 1610 copper opened lower at RMB 37,510/mt for night session last Friday and then dropped to RMB 37,370/mt due to firmer dollar, to close at RMB 37,410/mt, down RMB 130/mt. Positions were up 7,120.
On Monday, SHFE 1610 copper bounced back to RMB 37,420/mt owing to short-covering after starting at RMB 37,420/mt. The red metal rose further to RMB 37,680/mt with longs gathering strength and closed flat at RMB 37,540/mt. Positions were up 5,976. Positions of all SHFE copper contracts were down 2,188 to 540,000 with trading volumes at 400,000 lots.
SHFE 1610 copper may hover between the 20 and 40-day moving average tonight.