SHFE 1606 Copper Gains RMB 150/mt (2016-4-14)

SHANGHAI, Apr. 14 (SMM) – On Wednesday’s night trading, SHFE 1606 copper opened at RMB 36,930/mt, and fell back after rising. Finally, the contract finished at RMB 37,030/mt, up RMB 330/mt.

On Thursday, the June contract opened at RMB 36,990/mt, and drifted lower with falling prices of oil and ferrous metals, down to RMB 36,780/mt. Before the end of trading, the contract erased losses slightly, and finally closed the day at RMB 36,850/mt, up RMB 150/mt or 0.41%, with positions up 7,778. Total positions of SHFE copper contracts were up 7,882 to around 726,000, and trading volumes were 560,000 lots.

On Thursday, to sum up, SHFE copper dropped after opening high, as shorts momentum strengthened. Market focus is still on China’s economic data, to see whether or not demand is improving. SHFE copper is expected to trade around the 40-day moving averages on Thursday’s night trading.