SHFE Copper Ends with Slim Gains (2016-1-28)

SHANGHAI, Jan. 28 (SMM) –SHFE 1603 copper opened at RMB 35,870/mt on Thursday. Longs took profit at highs after prices rose for days. Chinese A-share market fell nearly 3%. The US dollar index drifted higher. These negative factors sent SHFE copper down. SHFE 1603 copper dipped to a low of RMB 35,570/mt before ending up RMB 60/mt at RMB 35,600/mt. Positions of SHFE 1603 copper were down 17,810 to 247,240, while those of SHFE 1604 copper were up 22,430 to 223,966. A series of US economic data are due for release tonight, including December existing home sales, durable goods orders and initial jobless claims. These data are expected to be mixed.