SHANGHAI, Apr. 29 (SMM) – SHFE 1606 copper started at RMB 37,250/mt overnight and moved higher to RMB 37,520/mt before closing the session at RMB 37,420/mt, up RMB 160/mt. Positions were down 4,480.
SHFE copper opened at RMB 37,390/mt on Friday and climbed to RMB 37,750/mt in response to crude oil and ferrous metals prices, to end the day at RMB 37,620/mt, up RMB 360/mt or 0.97%. Positions were down 15,206. Positions for all SHFE copper contracts fell 5,376 to 680,000 with trading volumes at 530,000 lots.
SHFE 1607 copper started at RMB 37,440/mt and ended at RMB 37,660/mt, gaining RMB 380/mt. Positions were up 9,316.
SHFE 1606 copper may test resistance at the 5-day moving averages tonight.