SHANGHAI, Dec. 25 (SMM) – SHFE 1602 copper opened lower at RMB 36,090/mt for night trading Thursday but rebounded later in response to crude oil and US dollar. The red metal moved around RMB 36,300/mt after LME was closed. Both positions and trading volumes posted a fall.
SHFE copper opened at RMB 36,280/mt during Friday trading session and tested the 5-day moving average several times. Then the red metal slipped to RMB 36,190/mt owing to exit of longs. But later, the contract bounced back to RMB 36,400/mt due to short-covering and the contract fell back again before ending at RMB 36,340/mt, up RMB 40/mt. Positions reduced 3,674 to 261,964 with trading volumes around 250,000 lots. Positions were up 2,828 for SHFE 1603 copper, contributed mainly by longs. Total positions held above 800,000 for all SHFE copper contracts.
Market is lacked in major reports this evening and LME was closed. SHFE 1602 copper should trade higher on the back of falling shorts.
