SHANGHAI, May 19 (SMM) – On Friday, SHFE 1707 copper opened at RMB 45,200/mt and then edged up to RMB 45,300/mt, and later declined. During the afternoon trading, prices glass and methyl alcohol boosted, while nonferrous metals remained weak. SHFE 1707 copper fluctuated at around RMB 45,300/mt and regained previous lost ground with positions closing by shorts. The contract closed at RMB 45,300/mt, up RMB 170/mt. Trading volumes increased 28,000 to 280,000 lots and positions reduced 9,040 to 216,000. Positions of SHFE copper contracts dropped to 16,000. There was RMB 600 million of capitals exited from nonferrous metal market on Friday. Shanghai Interbank Offered Rate (Shibor) increased to a 2-year high. The tight liquidity will affect the whole industry.
SHFE 1707 copper will remain weak for the near term.