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SHFE Copper Closes with Losses (2017-2-27)

iconFeb 27, 2017 18:34
Source:SMM
SHFE 1704 copper started at RMB 48,040/mt and ended at RMB 47,730/mt, down RMB 30/mt.

SHANGHAI, Feb. 27 (SMM) – On Monday, SHFE 1704 copper started at RMB 48,040/mt and then hovered at RMB 48,050/mt as ferrous metals surged, up to as high as RMB 48,200/mt. Later, one media reported that China’s National Development and Reform Commission launched an investigation that if there’s speculative attacks in commodity market. Base metals thus dropped and SHFE 1704 copper fell below the moving average and stabilized at lows, down as low as RMB 47,610/mt. The contract ended at RMB 47,730/mt, down RMB 30/mt. Positions fell 8,924 to 192,000 and trading volumes dropped 85,320 to 325,000 lots. Positions of all SHFE copper contracts were down 9,826 to 518,000 with trading volumes down 151,000 to 493,000.

SHFE 1704 copper is expected to decline further in a short term with negative technical indicators.

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