SHFE Copper Ends with Gains on Exit of Shorts (Dec. 14, 2015)

SHANGHAI, Dec. 14 (SMM) – Last Friday evening, SHFE 1602 copper started at RMB 35,870/mt and later moved higher to RMB 36,290/mt because of position opening by longs and closing by shorts despite falling crude oil prices. The red metal finally ended at RMB 36,090/mt with a gain of RMB 690/mt.

SHFE copper opened Monday trading session at RMB 36,010/mt and advanced to RMB 36,350/mt, helped by exit of shorts. But later the contract dived to RMB 35,990/mt due to reduce in longs and closed at RMB 36,130/mt, up by RMB 730/mt. Positions declined 19,746 to 311,488with trading volumes around 720,000 lots. SHFE 1512 copper saw positions down 4,620 to 14,830 and trading volumes at 9,840 lots.

Attention will be turn to October’s industrial output in euro zone this evening and President of the ECB will also deliver speech.