SHFE 1606 Copper Down 1.03% on Tumbling Oil Prices (2016-4-18)

SHANGHAI, Apr. 18 (SMM) – On Friday’s night trading, SHFE 1606 copper opened at RMB 36,690/mt, and then rose steadily before ending at RMB 36,910/mt, down RMB 80/mt, with positions down 1,674. 

On Monday, the contract started the trading at RMB 36,870/mt, and then advanced slightly to RMB 37,080/mt. As oil prices tumbled 6% with collapse of deal in Doha meeting, the contract dipped to RMB 36,560/mt and finally closed at RMB 36,610/mt, down RMB 380/mt or 1.03%, with positions down 2,394. Total positions on the SHFE copper were off 17,884 to 710,000, and total trading volumes were 636,000 lots. Pessimism sentiment now predominates the market after oil prices plunged, and the contract is expected to struggle at the 5-day moving averages.