SHANGHAI, Mar. 16 (SMM) – On Thursday, SHFE 1705 copper opened at RMB 47,990/mt and then broke through the 40 and 60-day moving averages to RMB 48,250/mt. China’s central bank raised 10 basis points of reverse repo rate. SHFE 1705 copper thus declined and found support at the moving average. Later, the contract rallied with falling US dollar index and closed at RMB 48,160/mt, up RMB 720/mt. Positions were up 3,240 to 219,000 and trading volumes were down 16,596 to 291,000 lots. Positions of all SHFE copper contracts dropped 26,220 to 520,000 with trading volumes down 15,280 to 431,000.
SHFE 1705 copper will remain rising momentum in a short term with positive sentiment.