SHANGHAI, May 24 (SMM) – SHFE 1607 copper started higher at RMB 35,200/mt overnight and once dipped to RMB 35,030/mt. The red metal rallied to RMB 35,370/mt answering to crude oil prices and LME copper before closing the session at RMB 35,180/mt, up RMB 30/mt. Positions were down 3,496.
SHFE 1607 copper opened at RMB 35,170/mt on Tuesday and moved higher to RMB 35,260/mt. The red metal later dipped to RMB 35,130/mt and ended at RMB 35,190/mt, gaining RMB 40/mt or 0.11%. Positions were down 15,188. Positions of all SHFE copper contracts were down 9,804 to 770,000 with trading volumes at 540,000 lots. Positions increased 9,090 for SHFE 1608 copper.
SHFE 1607 copper should struggle at RMB 35,200/mt tonight.