SHFE Copper Ends Lower (May 30, 2016)

SHANGHAI, May 30 (SMM) – SHFE 1607 copper started at RMB 36,040/mt for night session last Friday and once sank to RMB 35,760/mt before closing the session at RMB 35,890/mt, up RMB 10/mt. Positions were down 4,422.

SHFE 1607 copper opened at RMB 35,870/mt on Monday and moved lower to RMB 35,680/mt. The red metal fell further to RMB 35,650/mt and ended at RMB 35,700/mt, down RMB 180/mt or 0.5%. Positions were down 16,112. Positions of all SHFE copper contracts were up 5,056 to 760,000 with trading volumes at 490,000 lots.  

SHFE 1607 copper may test support at the 5-day moving average.