SHANGHAI, Feb. 21 (SMM) – On Tuesday, SHFE 1704 copper started at RMB 49,160/mt. Escondida copper mine failed on negotiation. SHFE 1704 copper thus advanced to RMB 49,280/mt with positions opening by longs and then hovered at highs, up to as highs as RMB 49,350/mt. Later, SHFE 1704 copper declined below the moving average with diving ferrous metals and ended at RMB 48,920/mt, up RMB 500/mt. Positions dropped 3,542 to 227,000 and trading volumes fell 26,152 to 296,000 lots. Positions of all SHFE copper contracts were down 2,012 to 545,000 with trading volumes down 5,468 to 464,000 lots.

SHFE 1704 copper will stay firm in a short term.