SHANGHAI, Mar. 2 (SMM) – On Thursday, SHFE 1704 copper opened at RMB 48,700/mt and then climbed to RMB 48,840/mt. Later, the contract declined below the moving average with rising US dollar index, down as low as RMB 48,520/mt. SHFE 1704 copper ended at RMB 48,690/mt, up RMB 380/mt. Positions dropped 1,372 to 190,000 and trading volumes fell 78,056 to 261,000 lots. SHFE 1704 copper hovered at highs on Thursday. US Federal Reserve officials delivered hawkish comment successively, strengthening expectation over rate-hike in March. US dollar index thus increased, limiting any growth of SHFE 1704 copper.
SHFE 1704 copper is expected to increase further with rising strength.