SHANGHAI, Mar. 6 (SMM) – On Monday, SHFE 1704 copper opened at RMB 48,240/mt and then fluctuated at RMB 48,260/mt, up to as high as RMB 48,400/mt. The contract was weighed by the 20-day moving average. SHFE 1704 copper dived after ferrous metals dropped, down as low as RMB 47,710/mt, and later rallied slightly thanks to shorts taking profits. The contract closed at RMB 47,890/mt, down RMB 260/mt or 0.54%. Positions were up 1,352 to 186,000 and trading volumes were down 13,328 to 241,000 lots. Positions of SHFE 1705 copper increased 8,120 to 177,234. Positions of all SHFE copper contracts rose 12,278 to 546,892 with trading volumes down 2,850 to 438,000 lots.
SHFE 1704 copper will remain falling momentum on Monday’s night trading.