SHFE Copper Ends with Losses (2016-8-23)

SHANGHAI, Aug. 23 (SMM) – On Monday’s night trading, SHFE 1610 copper opened lower at RMB 37,020/mt and then slid to RMB 36,910/mt before regaining the lost ground. SHFE 1610 copper rose back to a session-high of RMB 37,180/mt due to position closing by shorts but later dropped again, hurt by entering of shorts. The contract finally ended at RMB 37,090/mt, down RMB 160/mt. Positions were down 624.

On Tuesday, SHFE 1610 copper started at RMB 37,100/mt and then advanced to RMB 37,180/mt, due to soft US dollarThe contract stabilized at the tail of trading thanks to positions closing by shorts and closed at RMB 37,120/mt, down RMB 130/mt. Positions were up 206. Positions of all SHFE copper contracts decreased 2,516 to 510,000 with trading volumes at 230,000 lots.

SHFE 1610 copper is expected to test support at RMB 37,000/mt tonight.