SHANGHAI, Nov. 29 (SMM) – On Monday, People’s Bank of China withdrew a net RMB 10 billion for four days in a row on Tuesday. Lending market, overnight repurchase rates and Shanghai Interbank Offered Rate (Shibor) increased, refraining capitals from speculating investors. SHFE 1702 copper opened at RMB 48,260/mt and then dropped due to positions closing by longs. The contract finally closed at RMB 46,750/mt, down RMB 2,070/mt. Positions fell 11,568 to 218,000 and trading volumes rose 32,372 to 354,000 lots. Positions of all SHFE copper contracts were down 48,572 to 547,904 with trading volumes up 91,228 to 952,000 lots. SHFE 1702 copper plumped below the 5-day moving average on Tuesday with longs taking profits.
SHFE 1702 copper is predicted to keep downward momentum on Tuesday’s night trading and will test support at the 10-day moving average.