SHFE Copper Trades Down (2016-8-15)

Published: Aug 15, 2016 17:22

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SHFE 1610 copper opened lower at RMB 37,230/mt for night trading last Friday.

SHANGHAI, Aug. 15 (SMM) – SHFE 1610 copper opened lower at RMB 37,230/mt for night trading last Friday and dipped to RMB 37,000/mt with shorts gathering strength, to close the session down RMB 520/mt at RMB 37,050/mt. Positions rose 6,552.

On Monday, SHFE 1610 copper advanced to RMB 37,300/mt thanks to exit of shorts, affected by soft dollar and surge in Chinese stock market, after starting at RMB 37,060/mt. The red metal finally closed RMB 500/mt lower at RMB 37,070/mt. Positions were up 5,042. Positions of all SHFE copper contracts grew 6,232 to 540,000 with trading volumes at 370,000 lots.

Today is the last trading day for SHFE 1608 copper with settlement prices at RMB 37,040/mt and positions of 18,110. A total of 45,275 mt of copper was delivered today.

SHFE 1610 copper may test support at RMB 37,000/mt tonight.

SHFE copper prices LME copper prices

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

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