SHANGHAI, Apr. 13 (SMM) – SHFE 1606 copper started at RMB 36,110/mt for night trading Tuesday and climbed to RMB 36,830/mt before closing at RMB 36,730/mt, up RMB 850/mt. Positions were down 10,456.
SHFE copper opened Wednesday trading session at RMB 36,790/mt and advanced to RMB 37,360/mt in response to gains in Chinese A-shares and ferrous metals prices. But the red metal slipped below the 40-day moving average and ended at RMB 36,830/mt, a gain of RMB 950/mt or 2.65%. Positions fell 35,972. Positions decreased 36,782 to 718,000 for all SHFE copper contracts and trading volumes totaled 1.21 million lots.
SHFE 1606 copper should test support at the 10-day moving average tonight.
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