SHANGHAI, May 11 (SMM) – On Thursday, SHFE 1707 copper opened at RMB 44,810/mt and then declined to RMB 44,680/mt. As workers at Cerro Colorador announced to launch strike, the contract rallied to above the moving average with positions closing by shorts, up to as high as RMB 45,000/mt. Later, SHFE 1707 copper dropped back slightly. The contract advanced to RMB 45,330/mt with support at the moving average and ended at RMB 45,270/mt, up RMB 320/mt. Positions increased 3,764 to 201,000 and trading volumes rose 75,188 to 259,000 lots.
SHFE 1707 copper has further room to increase for the near term.