SHANGHAI, Aug. 25 (SMM) – On Wednesday’s night trading, SHFE 1610 copper opened lower at RMB 36,530/mt and then dived with entering of shorts. The contract shrank losses at the tail of trading due to shorts leaving market and finally ended at RMB 36,100/mt, down RMB 730/mt with positions rising by 1,006.
On Thursday, SHFE 1610 copper started at RMB 36,160/mt and rose back to RMB 36,450/mt thanks to positions closing by shorts. Later, the contract fluctuated narrowly after moving above the daily moving average and closed at RMB 36,370/mt, down RMB 460/mt with positions falling 23,126. Positions of all SHFE copper contracts dropped 13,338 to 530,000 with trading volumes at 510,000 lots. To sum up, losses on SHFE copper market eased for shorts covering on Thursday.
SHFE 1610 copper, though finding support at RMB 36,000/mt, is predicted to fall due to negative technical indicators and eyes should be on LME inventories.
