SHANGHAI, Aug. 30 (SMM) – On Monday’s night trading, SHFE 1610 copper opened lower at RMB 36,350/mt and then rose back to RMB 36, 440/mt with more positions opened by longs. But later, the contract gave up all previous gains due to leaving of longs after touching the 5-day moving average. SHFE 1610 copper closed at RMB 36,360/mt, down RMB 10/mt with positions down 712.
On Tuesday, SHFE 1610 copper started higher at RMB 36,400/mt and advanced over the 5-day moving average to RMB 36,520/mt thanks to leaving of shorts. Later, the contract plunged due to position closing by longs. During the afternoon business, SHFE 1610 copper declined to RMB 36,240/mt, hurt by firm US dollar and ended at RMB 36,260/mt, down RMB 110/mt with positions down 5,690. Positions of all SHFE copper contracts rose 2,454 to 520,000 with trading volumes at 230,000 lots. Positions of SHFE 1611 copper increased 9,392. To sum up, SHFE 1610 copper fell with rising US dollar today.
SHFE 1610 copper is expected to keep downward momentum for the short term.