SHANGHAI, Apr. 10 (SMM) – Yang Jiacai, Assistant Chairman of China Banking Regulatory Commission (CBRC), said on Apr. 7 that CBRC will speculate strictly on regulation arbitrage, deal arbitrage, relevant arbitrage, illegal trade and charge in 2017, raising market negative sentiment. On Monday, SHFE 1705 copper opened at RMB 47,380/mt and then dipped below the moving average to RMB 46,900/mt, hurt by positions opening by shorts. Later, the contract rallied to around the moving average with short coverings. The contract closed at RMB 47,050/mt, down RMB 590/mt. Positions reduced 6,038 to 182,000 and trading volumes fell 95,188 to 223,000 lots. Positions of SHFE 1706 copper rose 5,930 to 174,068 with trading volumes up to 204,850 lots.
SHFE 1705 copper will be hard to rally, weighed by the moving averages, and will drop slightly in a short term.
