SHFE 1606 Copper Extends Gains (2016-4-20)

SHANGHAI, Apr. 20 (SMM) – On Tuesday’s night trading, SHFE 1606 copper surged after opening at RMB 37,010/mt, and finally closed at RMB 37,630/mt, up RMB 720/mt , with positions up 2,440. 

On Wednesday, SHFE 1606 copper started trading at RMB 37,620/mt. As oil price dropped with end of strike and China A-share market tumbled, longs in the copper market booked profits and exited the market, weighing down price to RMB 37,090/mt. As oil price and China’s equity stabilized, copper market rallied at the end of trading. Finally, the contract finished at RMB 37,360/mt, up RMB 450/mt or 1.22%, with positions down 18,510. Total positions on the SHFE copper market were off 19,158 to 700,000, and trading volumes totaled 1.04 positions. On Wednesday’s trading, eyes should be on the contract’ performance on the 40-day moving averages.