SHANGHAI, Dec. 29 (SMM) – SHFE 1602 copper opened Monday trading session at RMB 35,700/mt and edged up slightly with longs gathering strength. The contract fell back gradually after moving around RMB 35,850/mt. Both trading volumes and positions reported losses mainly with shorts exiting market.
SHFE 1602 copper started at RMB 35,750/mt during Tuesday trading session and once moved higher to RMB 36,320/mt due to position opening by longs and news of output cut in China. The red metal finally ended at RMB 36,290/mt, up by RMB 190/mt. Positions for SHFE 1602 copper reduced 15,982 to 229,670, contributed mainly by shorts and trading volumes were around 229,700 lots. SHFE 1603 copper saw positions up 15,652 to 274,040, contributed mainly by longs and trading volumes were 176,000 lots.
Markets should focus on whether SHFE 1602 copper can extend gains this evening with no major reports.