SHANGHAI, Aug. 24 (SMM) – On Tuesday’s night trading, SHFE 1610 copper opened lower at RMB 36,970/mt and then tested the 60-day moving average before falling due to shorts entering the market. The contract rose back but later fell to RMB 36,730/mt before rallying at the tail of trading thanks to positions closing by shorts. SHFE 1610 copper finally closed at RMB 36,850/mt, down RMB 240/mt. Positions were up 15,300.

On Wednesday, SHFE 1610 copper started at RMB 36,870/mt, and dipped as low as to RMB 36,690/mt due to rising dollar and entering of shorts. The contract later stabilized at lows due to some positions closing by shorts. During the afternoon business, SHFE 1610 copper remained downward momentum and ended at RMB 36,650/mt, down RMB 440/mt, with positions up 18,594. Positions of all SHFE copper contracts rose 28,066 to 540,000 with trading volumes at 410,000 lots. To sum up, SHFE 1610 copper followed LME down and plunged  on Wednesday.

SHFE 1610 copper is expected to look for support at RMB 36,500/mt.