SHANGHAI, Apr. 19 (SMM) – On Wednesday, SHFE 1706 copper started at RMB 45,400/mt and then advanced with short coverings. The contract later fluctuated at around RMB 45,950/mt, up to as high as RMB 46,090/mt, and rolled back to RMB 45,810/mt after touching the 5-day moving average. SHFE 1706 copper closed at RMB 45,840/mt, down RMB 450/mt. Positions were down 2,872 to 256,000 and trading volumes were up 145,000 to 501,000 lots. SHFE 1706 copper rallied after rapid decline on Tuesday’s night trading.
SHFE 1706 copper will fluctuate at lows for the foreseeable future and will move at RMB 45,500-46,200/mt.
