SHFE Copper Registers Gains (Feb. 18, 2016)

SHANGHAI, Feb. 18 (SMM) – SHFE 1604 copper started at RMB 35,590/mt overnight and once climbed to RMB 35,820/mt with longs entering market and shorts exiting market responding to crude oil prices. Positions grew 1,248, contributed mainly by longs.

SHFE copper opened at RMB 35,800/mt on Thursday before growing to RMB 35,820/mt. But late the red metal sank to RMB 35,630/mt due to resistance at the 5-day moving average and China’s falling PPI for January, to end at RMB 35,700/mt, gaining RMB 50/mt. Positions of SHFE 1604, 1605 and 1606 increased by near 10,000.