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SHFE Copper Ends with Losses (2016-9-26)
Sep 26,2016 18:08CST
price review forecast
Source:SMM
SHFE 1611 copper started lower at RMB 37,840/mt and ended at RMB 37,760/mt.

SHANGHAI, Sept. 26 (SMM) – On last Friday’s night trading, SHFE 1611 copper started at RMB 37,820/mt and then dipped to RMB 37,690/mt. The contract rallied to RMB 37,900/mt with rising LME copper but later dropped again after meeting resistance. SHFE 1611 copper finally closed at RMB 37,840/mt. Positions dropped 1,428 to 168,000 and trading volumes fell 19,270 to 62,792 lots.

On Monday, the People’s Bank of China withdrew RMB 245 billion of net cash, the largest in 6 months. Stock and futures market in China thus both reported lower opening prices on Monday. SHFE 1611 copper started lower at RMB 37,840/mt and then stabilized at RMB 37,740/mt after a decline, down to as low as RMB 37,710/mt due to positions closing by longs. During the afternoon business, Governor of Bank of Japan indicated to ease potently monetary policy under a new framework and determined to reach 2% CPI growth target. US dollar depreciated with rising Japanese yen. SHFE 1611 copper climbed to RMB 37,800/mt with short recovering at lows but declined slightly at the tail of trading. The contract finally ended at RMB 37,760/mt. Trading volumes were down 72,526 to 251,000 lots and positions were up 6,948. To sum up, SHFE 1611 copper hovered at highs on Monday.

US new home sales in August will be released on Monday night, which is expected to be lower than July’s level and Dallas Fed manufacturing activity index is also predicted to be lower. Thus, US dollar index may drop. SHFE 1611 copper will rise on Monday’s night trading and eyes should be on positions and trading volumes.    


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