SHFE Copper Bounces Back from Lows (2016-8-10)

Aug 10, 2016 16:45

SHFE 1610 copper opened lower at RMB 37,160/mt last night.

SHANGHAI, Aug. 10 (SMM) – SHFE 1610 copper opened lower at RMB 37,160/mt last night and then rose to RMB 37,450/mt due to exit of shorts. The price later dived below the 5-day moving average before bouncing back at the end of the trading, to close at RMB 37,310/mt, down RMB 160/mt. Positions fell 6,378.

On Wednesday, SHFE 1610 copper dipped to RMB 37,270/mt with shorts gathering strength after starting at RMB 37,360/mt. The red metal rallied due to exit of shorts and finally closed at RMB 37,470/mt. Positions were down 4,872. Positions of all SHFE copper contracts dropped 6,744 to 550,000 with trading volumes at 360,000 lots.

SHFE 1610 copper may test support at RMB 37,000/mt tonight with easing of bearishness in market.

SHFE copper prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Privacy Policy Compliance Centre SMM Credit Service Contact Us About Us Terms & Conditions Sitemap Holiday Pricing Schedule

Notice: By accessing this site you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices, graphs or news content) in any form or for any purpose whatsoever without the prior written consent of the publisher.

SHFE Copper Bounces Back from Lows (2016-8-10)

SMM Events & Webinars

NET ZERO CHINA Field Trip

SMM Indonesia Seminar: Li-ion Battery & Energy Storage

2025 ASIA BATTERY MATERIAL COOPERATION SALON