SHANGHAI, Mar. 10 (SMM) – SHFE 1605 copper started at RMB 37,440/mt overnight and sank to RMB 37,250/mt after meeting resistance at the 5-day moving average. The red metal later bounced back to RMB 37,670/mt in response to crude oil prices and LME copper and ended at RMB 37,420/mt, gaining RMB 230/mt.
SHFE copper opened at RMB 37,420/mt on Thursday and closed the day up RMB 110/mt or 0.30%at RMB 37,300. Positions for all SHFE copper contracts grew 4,498 to 683,400 with trading volumes totaling 740,000 lots.
SHFE 1605 copper should fluctuate between the 5 and 10-day moving averages this evening.