SHANGHAI, Dec. 15 (SMM) – SHFE 1602 copper opened lower at RMB 35,900/mt for night trading Monday and late moved higher to RMB 36,180/mt due to short-covering. Later, the contract fell back with shorts gathering strength and closed at RMB 36,060/mt.
SHFE copper started Tuesday trading session at RMB 36,090/mt and grew slight to RMB 36,260/mt with small rise in longs. But the red metal dived to RMB 35,580/mt later owing to exit of longs and position opening by shorts and ended at RMB 35,620/mt, down RMB 440/mt. Positions fell 4,718 to 306,770 with trading volumes around 575,000 lots.
Today is the last trading day for SHFE 1512 copper. The contract started at RMB 36,480/mt and ended down RMB 610/mt at RMB 35,750/mt with the session-high at RMB 36,550/mt and session-low at RMB 35,700/mt. And the settlement prices at RMB 36,240/mt. Trading volumes reduced 2,110 to 12,720 with trading volumes at 3,930 lots.
SHFE 1602 copper is expected to test support from the 5-day moving average this evening due to firmer dollar as US November’s CPI and core CPI are expected to be upbeat.