SHFE Copper Closes with Big Gains (2016-11-7)

SHANGHAI, Nov. 7 (SMM) – US FBI said that Hillary Clinton should not face criminal charges on Monday and market risk appetite grew. Commodities remained firm on Monday and ferrous metals and base metals all rose sharply. Coking coal, coke, rebar and SHFE 1701 nickel all advanced to their daily upward limit on Monday.

On Monday, SHFE 1701 copper opened at RMB 39,430/mt and surged with large amount of positions opening by longs. During the afternoon trading, SHFE 1701 copper broke through RMB 40,000/mt, raising more bullish sentiments entering into market, and the contract thus climbed to RMB 40,770/mt, the highest level since September 2015. SHFE 1701 copper later dropped slightly with exit of longs and SHFE 1701 copper opened at RMB 39,430/mt Positions rose 38,880 to 240,000 and trading volumes increased 237,000 to 505,000 lots. Positions of all SHFE copper contracts increased 44,000 to 548,220 with trading volumes up 340,000 to 797,000 lots. To sum up, SHFE 1701 copper soared on Monday with bullish sentiment. Risk appetite already dominated the market.

SHFE 1701 copper is predicted to keep rising momentum on Monday’s night trading.