SHANGHAI, Sept. 21 (SMM) – On Tuesday’s night trading, SHFE 1611 copper started at RMB 37,300/mt and advanced to RMB 37,500/mt due to positions opening by longs, supported by rising LME copper. The contract dropped with resistance after breaking through the 60-day moving average and ended at RMB 37,370/mt, up RMB 130/mt with positions down 304.

On Wednesday, SHFE 1611 copper opened at RMB 37,360/mt and then declined to RMB 37,190/mt, hurt by positions closing by longs. But later, the contract found support at the 40-day moving average and rebounded. SHFE 1611 copper posted growth at the tail of trading, thanks to positions closing by shorts, and finally closed at RMB 37,300/mt, up RMB 60/mt with positions down 2,578. Positions of all SHFE copper contracts rose 912 to 440,000 with trading volumes at 290,000 lots. To sum up, SHFE 1611 copper rallied from lows on Wednesday and positions stayed low before US Fed’s interest rate decision meeting.

SHFE 1611 copper should meet resistance at the 60-day moving average for the foreseeable future.