SHANGHAI, May 18 (SMM) – On Thursday, SHFE 1707 copper started at RMB 45,360/mt and then dived to RMB 45,150/mt. The contract dropped to RMB 45,000/mt repeatedly with positions opening by shorts. During the afternoon trading, industrial goods regained lost ground while nonferrous metals remained weak. SHFE 1707 copper fluctuated at around RMB 45,000/mt, with float up and down by RMB 60/mt. The contract closed at RMB 44,960/mt, down RMB 450/mt. Trading volumes increased 25,000 to 252,000 lots and positions rose 13,000 to 225,000. Positions of SHFE copper contracts surged 17,000 to 600,000. Congress officials appealed to impeach Trump as he divulged secrets to Russia, raising market risk aversion sentiment.
Update of US’s political risk will drag down SHFE 1707 copper price.