SHANGHAI, May 17 (SMM) – On Wednesday, People’s Bank of China injected a net RMB 10 billion. SHFE 1707 copper opened at RMB 45,350/mt and then edged down to RMB 45,270/mt. Later, the contract rallied to the moving average with positions closing by shorts. During the afternoon trading, SHFE 1707 copper broke through the 20-day moving average with rising ferrous metals, up to as high as RMB 45,650/mt. The contract later surrendered most previous gains, hurt by longs taking profits, and ended at RMB 45,390/mt, up RMB 100/mt. Trading volumes increased 30,556 to 226,698 lots and positions fell 8,550 to 211,564. SHFE 1707 copper fluctuated between the 5 and 20-day moving averages on Wednesday and declined at the tail of trading after meeting strong resistance at the 20-day moving average.
SHFE 1707 copper will test support at the 5-day moving average on Wednesday’s night trading.