SHFE Copper Finishes Lower (2016-10-31)

SHANGHAI, Oct. 31 (SMM) – SHFE 1612 copper opened at RMB 38,550/mt on Monday and then climbed to RMB 38,620/mt. US dollar index increased to 98.5. SHFE 1612 copper thus dropped to RMB 38,310/mt with positions closing by longs and finally closed at RMB 38,390/mt, up RMB 120/mt. Positions reduced 11,208 to 142,000 and trading volumes fell 7,576 to 176,000 lots. SHFE 1701 copper closed at RMB 38,410/mt. Positions rose 11,966 to 158,000 and trading volumes increased 6,330 to 144,000 lots. Positions of all SHFE copper contracts rose 856 to 461,000 and trading volumes increased 436 to 402,000 lots. To sum up, SHFE 1612 copper hovered at highs on Monday. Cancelled warrants of LME copper inventory was 40.88% last Friday. Copper inventory is expected to drop for the foreseeable future, and this will help SHFE 1612 copper rise. Eyes should be on US’s personal income and consumption in September on Monday’s trading. Rising US dollar will weigh on SHFE 1612 copper.

SHFE 1612 copper is expected to increase on Monday’s night trading.