SHFE Copper Rebounds Due to Short Covering (2016-1-27)

SHANGHAI, Jan. 27 (SMM) –SHFE 1603 copper opened at RMB 35,480/mt on Wednesday. Chinese A-share market recovered some earlier losses in the afternoon, allowing SHFE 1603 copper to rise to RMB 35,840/mt. Positions of SHFE 1603 copper were down 13,736 to 265,050. Positions of SHFE 1604, 1605 and 1606 copper increased over 30,000, of which many were believed to be long positions. Market will eye US December new home sales tonight.