SHANGHAI, Mar. 8 (SMM) – SHFE 1605 copper started slightly higher at RMB 38,250/mt overnight before growing to RMB 38,620/mt. But later the contract traced LME copper down to RMB 37,910/mt and erased all the losses due to surge in crude oil prices and strong ferrous metals prices, to close at RMB 38,200/mt, a fall of RMB 10/mt.
The May-delivery copper on SHFE opened Tuesday trading session at RMB 38,190/mt and sank to RMB 37,460/mt owing to exit of longs, hurt by losses in Chinese stock market and plunge in ferrous metals prices, to end at RMB 37,750/mt, a drop of RMB 460/mt or 1.20%. Trading volumes reduced 21,846 to 684,400 with trading volumes at 1.34 million lots.
SHFE 1605 copper will test support at the 5-day moving average tonight with positive technical indicators.