SHANGHAI, Aug. 5 (SMM) – SHFE 1610 copper opened lower at RMB 37,300/mt overnight and then grew to RMB 37,520/mt due to rate cut by BoE and rising crude oil. The price rose further to RMB 37,770/mt with exit of shorts and closed at RMB 37,660/mt, up RMB 10/mt. Positions were down 5,680.
On Friday, SHFE 1610 copper fell to RMB 37,530/mt owing to falling longs after starting lower at RMB 37,690/mt. The red metal hit a high of RMB 37,700/mt and closed at RMB 37,620/mt, down RMB 30/mt. Positions were down 8,7265. Positions of all SHFE copper contracts were down 21,236 to 540,000 with trading volumes at 470,000 lots.
SHFE 1610 copper may fall below the 60-day moving average tonight should US dollar move higher.