SHFE Copper Closes with Gains (2016-9-14)

SHANGHAI, Sept. 14 (SMM) – On Tuesday’s night trading, SHFE 1611 opened at RMB 36,630/mt and then advanced to RMB 36,800/mt due to short recovering. Later, the contract stabilized after dropping below the 10-day moving average with resistance at the 20-day moving average. SHFE 1611 copper finally closed at RMB 36,580/mt, up RMB 100/mt with positions down 3,888.

On Wednesday, SHFE 1611 copper started at RMB 36,600/mt and then rallied after falling slightly. The contract broke through the 20-day moving average and moved to RMB 36,750/mt, thanks to leaving of shorts with the upcoming China’s Mid-Autumn Festival on September 15-17 e. SHFE 1611 copper ended at RMB 36,730/mt, up RMB 250/mt with positions down 16,066. Positions of all SHFE copper contracts reduced 19,324 to 470,000 with trading volumes at 300,000 lots. To sum up, SHFE 1611 copper rose with positions closing by shorts but longs took no actions due to the upcoming holiday.

SHFE 1611 copper, meeting resistance at the 5-week moving average, should keep testing the 20-day moving a