SHANGHAI, Aug. 26 (SMM) – On Thursday’s night trading, SHFE 1610 copper opened lower at RMB 36,290/mt and then rose to RMB 36,340/mt. The contract slid to RMB 36,180/mt due to entering of shorts and later stabilized. SHFE 1610 copper was dragged down by leaving of longs at the tail of trading and ended at RMB 36,250/mt, down RMB 80/mt with positions up 366.
On Friday, SHFE 1610 copper started at RMB 36,290/mt and then advanced to RMB 36,530/mt thanks to positions closing by shorts. The contract dropped at the tail of trading due to positions closing by longs.SHFE 1610 copper finally closed at RMB 36,430/mt, up RMB 100/mt with positions fell 6,170. Positions of all SHFE copper contracts rose 4,504 to 530,000 with trading volumes at 290,000 lots. SHFE 1610 copper dropped at first and then rose back for short covering on Friday.
SHFE 1610 copper should remain on the upside track for the near future.