SHANGHAI, Aug. 10 (SMM) – SHFE 1610 copper opened lower at RMB 37,160/mt last night and then rose to RMB 37,450/mt due to exit of shorts. The price later dived below the 5-day moving average before bouncing back at the end of the trading, to close at RMB 37,310/mt, down RMB 160/mt. Positions fell 6,378.
On Wednesday, SHFE 1610 copper dipped to RMB 37,270/mt with shorts gathering strength after starting at RMB 37,360/mt. The red metal rallied due to exit of shorts and finally closed at RMB 37,470/mt. Positions were down 4,872. Positions of all SHFE copper contracts dropped 6,744 to 550,000 with trading volumes at 360,000 lots.
SHFE 1610 copper may test support at RMB 37,000/mt tonight with easing of bearishness in market.