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SHFE Copper Ends Lower (2016-8-22)

iconAug 22, 2016 17:30
Source:SMM
SHFE 1610 copper started at RMB 37,290/mt and closed at RMB 37,140/mt, down RMB 190/mt.

SHANGHAI, Aug.22 (SMM) – On last Friday’s night trading, SHFE 1610 copper opened lower at RMB 37,290/mt and then dropped to a session-low of RMB 37,200/mt. Later, the contract increased to RMB 37,390/mt with rising LME copper and fell back again due to resistance at the 10-day moving average before ending at RMB 37,290/mt, down RMB 100/mt. Positions decreased 390.

On Monday, SHFE 1610 copper started at RMB 37,290/mt and then dipped below 5-day moving average, hurt by firmer dollar, softer crude oil and losses in Chinese A-share market.  And declines in the contract accelerated  at the tail of trading due to position opening by shorts and closed at RMB 37,140/mt, down RMB 190/mt. Positions were up 2,170. Positions of all SHFE copper contracts rose 5,788 to 510,000 with trading volumes at 270,000 lots.  

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

SHFE copper prices
LME copper prices
copper prices

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