SHANGHAI, May 3 (SMM) – On Wednesday, SHFE 1706 copper opened at RMB 46,800/mt. Shanghai Interbank Offered Rate (Shibor) increased and yield of 10-year treasury security rose 5 basis points to 3.51%, tightening liquidity. This raised market negative sentiment. SHFE 1706 copper thus dipped sharply to RMB 46,480/mt and later fluctuated after finding support at the 5 and 20-day moving averages. The contract closed at RMB 46,580/mt, down RMB 290/mt. Positions fell 1,254 to 185,000 and trading volumes dropped 10,898 to 131,000 lots. Positions of all SHFE copper contracts fell 282 to 560,838 while those of SHFE 1707 copper rose 3,318 to 154,124.
SHFE 1706 copper will opened lower on Wednesday’s night trading and will keep falling.