SHANGHAI, Dec. 8 (SMM) – SHFE 1602 copper started lower at RMB 35,070/mt for night trading Monday and touched a low of RMB 34,740/mt with shorts gathering strength due to US dollar and crude oil prices, to close at RMB 34,840/mt, down by RMB 180/mt.
SHFE copper opened Tuesday trading session at RMB 34,740/mt and dipped to RMB 34,580/mt due to position opening by shorts. Later, the contract moved around RMB 34,710/mt and closed at RMB 34,710/mt, down RMB 310/mt. Positions grew 24,546 to 332,100 with trading volumes were around 540,000 lots. Positions for all copper futures on the SHFE were up 34,850 to 808,188 and trading volumes were around 792,000 lots.
Markets will eye impact on euro and dollar this evening from Q3’s revised GDP from euro zone. SHFE 1602 copper should test support at the 5 and 10-day moving averages.