SHANGHAI, Apr. 19 (SMM) – On Monday’s night trading, SHFE 1606 copper rose steadily after opening at RMB 36,770/mt. Finally, the contract finished up RMB 130/mt at RMB 36,950/mt, with positions up 2,178.
SHFE Copper Inventories Fall for 4-Week, Will This Support Copper Prices? SMM Reports
On Tuesday, the contract opened at RMB 36,990/mt, and then rallied slightly to RMB 37,170/mt. As China A-share market plunged, and oil prices fell, SHFE copper tumbled, down as low as RMB 36,730/mt. At the tail of trading, SHFE 1606 copper clawed back some losses with equity and oil prices stabilizing, and finally ended at RMB 36,940/mt, up RMB 120/mt or 0.33%, with positions down 6,518 lots. Total positions on the SHFE copper were up 7,144 to 720,000, and total trading volumes were 660,000 lots. Positions were up around 10,000 for SHFE 1607 copper contract, a sign of shift of delivery month. Market long momentum is not strong, and SHFE copper is expected to struggle at the 20-day moving averages on Tuesday’s night trading.