SHFE Copper Finishes Lower (2016-10-21)

SHANGHAI, Oct. 21 (SMM) – On Thursday’s night trading, SHFE 1612 copper started lower at RMB 37,240/mt and advanced to RMB 37,270/mt. The contract later declined to RMB 37,000/mt with rising US dollar index but rallied with support. The contract finally ended at RMB 37,130/mt, down 110/mt. Trading volumes were down 114,000 to 84,256 lots and positions were up 1,694 to 195,686.

On Friday, SHFE 1612 copper opened at RMB 37,130/mt and dropped to RMB 37,070/mt due to positions opening by shorts. The contract later rebounded with support at the 40-day moving average and fluctuated at moving average. During the afternoon business, SHFE 1612 copper soared to the intraday highest level of RMB 37,200/mt and dropped back slightly at the tail of trading. The contract finally closed at RMB 37,180/mt, down RMB 60/mt. Trading volumes reduced 50,174 to 147,892 lots and positions fell 2,176 to 191,816. Trading volumes of all SHFE copper contracts were down 74,382 to 259,630 lots with positions up 1,708 to 443,978. To sum up, SHFE 1612 copper fluctuated at around the moving average with a range of RMB 100/mt on Friday.

SHFE 1612 copper is expected to move at lows on Friday’s night trading.