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SHFE Copper Ends with Big Gains (2016-10-11)

iconOct 11, 2016 17:36
Source:SMM
SHFE 1612 copper started at RMB 38,050/mt and ended at RMB 38,160/mt, up RMB 510/mt.

SHANGHAI, Oct. 11 (SMM) – On Monday’s night trading, SHFE 1612 copper opened higher at RMB 37,670/mt and then kept rising. The contract fluctuated at around RMB 38,040/mt, up to as high as RMB 38,120/mt and ended at RMB 38,040/mt, up RMB 490/mt. Positions rose 13,716 and trading volumes increased 17,228 lots.

On Tuesday, SHFE 1612 copper started at RMB 38,050/mt and then dropped to RMB 37,910/mt due to positions opening by shorts. The contract fluctuated at around the moving average for a short time. Shanghai and Shenzhen stock markets both reported higher. SHFE 1612 copper thus climbed to RMB 38,180/mt with positions opening by longs and ended at RMB 38,160/mt, up RMB 510/mt. Positions increased 26,578 to 202,000 and trading volumes rose 127,000 to 197,000 lots. Positions of all copper contracts on the SHFE rose 34,180 to 468,000, with trading volumes up 199,000 to 377,000 lots. To sum up, SHFE 1612 copper moved higher with rising trading volumes on Tuesday. Almost 20 local governments imposed housing purchase restrictions during China’s National Day Holiday from October 1-7, allowing capital inflows into commodity market. Chinese yuan depreciated to the lowest level of 6.7098 since September 2010. Base metals rose across the board on Tuesday.

SHFE 1612 copper should remain upward momentum for the short term.

SHFE copper
LME copper
Copper prices

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