SHANGHAI, Aug.22 (SMM) – On last Friday’s night trading, SHFE 1610 copper opened lower at RMB 37,290/mt and then dropped to a session-low of RMB 37,200/mt. Later, the contract increased to RMB 37,390/mt with rising LME copper and fell back again due to resistance at the 10-day moving average before ending at RMB 37,290/mt, down RMB 100/mt. Positions decreased 390.
On Monday, SHFE 1610 copper started at RMB 37,290/mt and then dipped below 5-day moving average, hurt by firmer dollar, softer crude oil and losses in Chinese A-share market. And declines in the contract accelerated at the tail of trading due to position opening by shorts and closed at RMB 37,140/mt, down RMB 190/mt. Positions were up 2,170. Positions of all SHFE copper contracts rose 5,788 to 510,000 with trading volumes at 270,000 lots.
SHFE 1610 copper should test support at RMB 37,000/mt tonight.
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