SHANGHAI, Feb. 17 (SMM) – On Friday, SHFE 1704 copper started at RMB 48,490/mt and then fluctuated at around RMB 48,650/mt, up to as highs as RMB 48,960/mt. The contract met resistance at RMB 49,000/mt. During the afternoon trading, as US dollar index advanced to 100.67, SHFE 1704 copper declined below the moving average with positions closing by longs. The contract found support at the 10-day moving average and closed at RMB 48,360/mt, down RMB 610/mt. Positions dropped 1,720 to 227,000 and trading volumes fell 1,578 to 375,000 lots. Positions of all SHFE copper contracts were down 3,906 to 542,000 with trading volumes down 31,918 to 540,000 lots. SHFE 1704 copper dropped further on Friday with longs taking profts.
Attentions should be on US’s monthly Conference Board’s leading indicators on Friday night, which is expected to be positive, sending US dollar index up. SHFE 1704 copper will test support at the 10-day moving average on Friday’s night trading.