SHANGHAI, Dec. 16 (SMM) – SHFE 1602 copper moved around RMB 35,550/mt after opening Tuesday evening session at RMB 35,450/mt. However, the contract later slipped all the way due to position opening by shorts, hurt by dollar rallies and finally ended at a low of RMB 35,280/mt with a loss of RMB 690/mt.
SHFE 1602 copper started at RMB 35,330/mt for day trading Wednesday and moved higher to RMB 35,580/mt. Later, the red metal dropped to RMB 35,290/mt before finding support at the 10-day moving average, to end RMB 520/mt lower at RMB 35,450/mt, falling RMB 520/mt. Positions were up 15,880 to 322,650 and trading volumes came in at 560,000 lots. Positions for all SHFE copper contracts totaled 780,000 with trading volumes at 800,000 lots.
Eyes will be on US November’s housing starts and building permits due for release this evening and markets await US Fed’s rate decision. US dollar is widely expected to rally then.