SHANGHAI, Sept. 23 (SMM) – On Thursday’s night trading, SHFE 1611 copper started higher at RMB 37,770/mt and then climbed to RMB 37,900/mt, thanks to positions opening by longs. But the contract dropped with positions closing by longs after meeting resistance at RMB 38,000/mt. SHFE 1611 copper finally ended at RMB 37,780/mt, up RMB 290/mt with positions up 3,276.

On Friday, SHFE 1611 copper started at RMB 37,770/mt and then declined to RMB 37,650/mt, hurt by leaving of longs. But the contract later rallied due to positions closing by shorts and ended at RMB 37,860/mt, up RMB 370/mt with positions down 3,260. Positions of all SHFE copper contracts increased 2,758 to 460,000 with trading volumes at 320,000 lots. To sum up, SHFE 1611 copper rebounded to above all moving averages from lows with market’s positive attitudes on Friday.

SHFE 1611 copper should meet resistance at RMB 38,000/mt for the near future.