SHANGHAI, May 9 (SMM) – On Tuesday, SHFE 1707 copper, becoming the most actively traded one, opened at RMB 44,790/mt. Shanghai Interbank Offered Rate (Shibor) increased, tightening liquidity. SHFE 1707 copper declined below the moving average with positions opening by shorts, down as low as RMB 44,570/mt. During the afternoon trading, SHFE 1707 copper rallied from lows and regained some previous lost ground. The contract finally closed at RMB 44,730/mt, down RMB 320/mt. Positions increased 936 to 195,000 and trading volumes fell 47,344 to 179,000 lots. Positions of all SHFE copper contracts dropped 5,814 to 601,916.
SHFE 1707 copper is expected to keep rallying on Tuesday’s night trading with support at lows.