SHFE Copper Trades Lower (May 18, 2016)

SHANGHAI, May 18 (SMM) – SHFE 1607 copper started at RMB 35,700/mt overnight and once dived to RMB 35,480/mt. The red metal rebounded to RMB 35,940/mt before closing the session at RMB 35,780/mt, up RMB 10/mt. Positions were down 2,532.

SHFE 1607 copper opened at RMB 35,760/mt on Wednesday and moved higher to RMB 35,830/mt. The red metal later sank to RMB 35,290/mt and ended at RMB 35,380/mt, down RMB 390/mt or 1.09%. Positions were up 4,094. Positions for all SHFE copper contracts were up 15,450 to 760,000 with trading volumes at 750,000 lots.

SHFE 1607 copper may meet resistance at RMB 36,000/mt tonight.