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Home / Metal News / SHFE Copper Finishes Lower (2017-1-20)

SHFE Copper Finishes Lower (2017-1-20)

Jan 20, 2017 20:19

Source:SMM

SHFE 1703 copper opened at RMB 46,520/mt and finally closed at RMB 46,080/mt.

SHANGHAI, Jan. 20 (SMM) – On Friday, SHFE 1703 copper opened at RMB 46,520/mt and then fluctuated at RMB 46,580/mt. During the afternoon trading, China’s Industrial and Commercial Bank, China Construction Bank, Bank of China, Agricultural Bank of China and Bank of Communications announced to cut deposit reserve rate by 1 percentage point for 28 days to ease tight liquidity, approved by China’s central bank. However, this highlighted tight liquidity. SHFE 1703 copper dipped to RMB 46,000/mt and rallied slightly after finding support at the 20-day moving average. The contract finally closed at RMB 46,080/mt.

SHFE 1703 copper will test support at the 20-day moving average on Friday’s night trading.

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