SHFE Copper Strengthened (2017-5-2)

SHANGHAI, May 2 (SMM) – On Tuesday, Trump is likely to introduce infrastructure plan in 2-3 weeks. SHFE 1706 copper opened at higher at RMB 46,950/mt and then advanced to RMB 47,100/mt. China’s Caixin manufacturing PMI declined to a 7-month low at 50.3 in April. SHFE 1706 copper thus declined, down as low as RMB 46,690/mt, and later fluctuated at middle Bollinger brand at the tail of trading. The contract ended at RMB 46,790/mt, up RMB 560/mt. Positions fell 9,864 to 187,000 and trading volumes reduced 172,000 to 142,000 lots. Positions of SHFE 1707 copper increased 6,408 to 150,806.

SHFE 1706 copper will reduce on Tuesday’s night trading.