SHFE Copper Sees a Gain of RMB 70/mt (Dec. 10, 2015)

SHANGHAI, Dec. 10 (SMM) – SHFE 1602 copper started Wednesday night trading session at RMB 35,090/mt and climbed quickly to RMB 35,410/mt due to fall in dollar and position opening by longs. But the red metal later fell back to RMB 34,930/mt due to exit of longs and closed at RMB 34,940/mt, up by RMB 90/mt. Positions grew 446 to 334,010.

SHFE copper opened at RMB 34,980/mt during Thursday trading session and shot up to RMB 35,170/mt because of rising longs, to close at RMB 34,920/mt, up RMB 70/mt. Positions were down 306 to 333,258 with trading volumes around 550,000 lots. Positions for all SHFE copper contracts were 814,000 and trading volumes totaled 827,000 lots.

Eyes will be on US initially and continuing jobless claims due for release tonight and movement in US dollar will also impact copper prices.