SHFE Copper Closes Higher (2016-8-29)

SHANGHAI, Aug. 29 (SMM) – On last Friday’s night trading, SHFE 1601 copper opened lower at RMB 36,380/mt and then soared to RMB 36,620/mt due to falling US dollar. Later, longs left market with rising US dollar, thus the contract dropped to RMB 36,210/mt. SHFE 1601 copper bounced back at the tail of trading and closed at RMB 36,300/mt, down RMB 50/mt with positions down 1,772.

On Monday, SHFE 1610 copper opened at RMB 36,290/mt and declined to RMB 36,230/mt owing to leaving of longs. Later, the contract rose back to RMB 36,460/mt thanks to leaving of shorts. SHFE 1610 copper stabilized at the tail of trading and ended at RMB 36,420/mt, up RMB 70/mt with positions down 9,888. Positions of all SHFE copper contracts fell 10,228 to 520,000 with trading volumes at 310,000 lots. To sum up, SHFE 1701 copper was difficult to rise with a resistance at the 5-day moving average on Monday, though shorts left market due to positive reading of profits for China’s industrial enterprises.

SHFE 1701 nickel should meet resistance at RMB 36,500/mt tonight.