SHFE Copper Registers Losses on Position Opening by Shorts (Dec. 17, 2015)

SHANGHAI, Dec. 17 (SMM) – During Wednesday night trading session, SHFE 1602 copper opened at RMB 35,460/mt and moved higher to RMB 35,740/mt in response to LME copper. However, the red metal later dived to RMB 35,310/mt after meeting resistance at the 5-day moving average. The contract posted rallies before ending at RMB 35,590/mt, up by RMB 140/mt. Positions only increased 314.

SHFE 1602 copper started Thursday trading session at RMB 35,580/mt before moved lower to RMB 35,350/mt. In the afternoon business, the contract fell back to RMB 35,110/mt due to exit of longs and ended at RMB 35,140/mt, down by RMB 310/mt. Positions were up 4,370 to 327,020 and trading volumes were around 620,000 lots. Positions for all SHFE copper contracts rose 17,540 to 797,000 with trading volumes at 900,000 lots.

Markets continue digesting news of rising dollar after US Fed rate hike decision announced this morning.

SHFE 1602 copper should test support at the 20-day moving average this evening. LME copper falls continuously since 15:00.