SHANGHAI, Dec. 24 (SMM) – SHFE 1602 copper opened Wednesday night session at RMB 36,290/mt and sank to RMB 36,160/mt due to position opening by shorts responding to LME copper. The contract later rebounded to RMB 36,410/mt with rallies in LME lead. Both positions and trading volumes decreased.
SHFE lead started at RMB 36,380/mt for day trading Thursday and once moved higher to RMB 36,490/mt with longs gathering strength. But the red metal dipped to RMB 36,130/mt owing to exit of longs and support at the 5-day moving average and closed at RMB 36,170/mt, down by RMB 30/mt. Positions fell 11,860 to 265,638 and trading volumes were around 470,000 lots. Positions increased 10,254 to 239,934 for SHFE 1603 copper, contributed mainly by shorts. Total positions for all SHFE copper contracts were above 800,000.
LME lead will be closed at 21:00 this evening for the Christmas Eve and SHFE 1602 copper will test support at the 5-day moving average tonight.