SHANGHAI, Sept. 19 (SMM) – On Monday, SHFE 1611 copper started higher at RMB 37,100/mt and then rallied after falling due to positions closing both by longs and shorts. Later, the contract advanced to RMB 37,240/mt with falling US dollar index, but met resistance at the 40-day moving average. SHFE 1611 copper finally ended at RMB 37,230/mt, up RMB 590/mt with positions down 12,166. Positions of all SHFE copper contracts fell 16,738 to 450,000 with trading volumes at 270,000 lots.
Today is the last trading day for SHFE 1609 copper. SHFE 1609 copper closed at RMB 37,070/mt with positions at 6,190 and delivery volumes at 15,475 mt.
To sum up, SHFE 1611 copper started higher and then fluctuated on Monday, thanks to positive economic data in August. SHFE copper is weaker than LME copper. SHFE 1611 copper should keep challenging the 40-day moving average in the near future.