SHFE Copper Trades down (May 5, 2016)

SHANGHAI, May 5 (SMM) – SHFE 1607 copper started higher at RMB 37,220/mt overnight and dived to RMB 37,080/mt before closing the session at RMB 37,130/mt, down RMB 220/mt. Positions were up 5,322.

SHFE 1607 copper opened at RMB 37,140/mt on Thursday and dipped to RMB 36,850/mt in response to ferrous metals prices. The red metal later returned to RMB 37,000/mt but sank to RMB 36,820/mt in the afternoon business with firmer dollar, to end at RMB 36,840/mt, down RMB 510/mt or 1.37%. Positions were up 17,440. Positions for all SHFE copper contracts grew 15,902 to 730,000 with trading volumes at 610,000 lots.

SHFE 1607 copper may test support at RMB 36,600/mt tonight.