SHANGHAI, May 8 (SMM) – On Monday, SHFE 1706 copper opened at RMB 45,550/mt and then advanced to RMB 45,550/mt. The contract later dipped sharply and fluctuated at around 44,900/mt. SHFE 1706 copper fell to RMB 44,650/mt at the tail of trading as shorts strengthened and closed at RMB 44,700/mt, down RMB 350/mt. Positions increased 14,082 to 196,000 and trading volumes rose 55,344 to 227,000 lots. Positions of all SHFE copper contracts rose 12,134 to 608,000 with trading volumes up 103,000 to 601,000 lots. SHFE 1706 copper continued falling on Monday. Financial inspections increased market worry on liquidity. 10-year government debt rose to the highest level since August 2015.
SHFE 1706 copper will remain falling momentum in a short term, but may find support at lows.