SHFE Copper Finishes with Gains (2017-3-30)

SHANGHAI, Mar. 30 (SMM) – On Thursday, People’s Bank of China stopped reverse repo for 4 days in a row and RMB 40 billion of reverse repos expired. SHFE 1705 copper started at RMB 47,640/mt and then dipped quickly to RMB 47,210/mt after falling below the 20-day moving average. The contract later rallied after finding support at the 10-day moving average with falling US dollar index. SHFE 1705 copper closed at RMB 47,460/mt, up RMB 200/mt. Positions reduced 7,844 to 203,000 and trading volumes dropped 54,444 to 264,000 lots. Positions of all SHFE copper contracts were down 6,114 to 527,000 with trading volumes down 88,452 to 416,000 lots.

SHFE 1705 copper will test resistance at the 40-day moving average for the foreseeable future.