SHANGHAI, May 25 (SMM) – On Thursday, SHFE 1707 copper opened at RMB 45,880/mt and then fluctuated. During the afternoon trading, the contract advanced to RMB 46,070/mt with positions opening by longs, but later declined, hurt by leaving of longs. SHFE 1707 copper closed at RMB 45,970/mt, up RMB 110/mt. Trading volumes fell 29,000 to 203,000 lots and positions reduced 2,550 to 199,000. The contract met resistance at the 40-day moving average. OPEC members are under meeting for oil output cut, and Minister of Energy, Industry and Mineral Resources of Saudi Arabia said it is no need to extend oil output cut. COMEX crude oil thus dived. But, COMEX crude oil will not register big decline, as oil producing countries, which has cut output, reached consensus on output cut extension.
SHFE 1707 copper will be weighed by the 40-day moving average.