SHFE Copper Closes Higher (2016-11-9)

SHANGHAI, Nov. 9 (SMM) – On Wednesday, SHFE 1701 copper started at RMB 41,850/mt and then dipped to RMB 41,110/mt, hurt by positions closing by longs, waiting for result of US presidential election. The contract later fluctuated at around RMB 41,360/mt. Japanese yen and gold increased while US dollar plumped as Trump won the competition. Prices dived in global stock market. Hence, market players poured into futures market. Ferrous metals soared and base metals also increased across the board. SHFE 1701 copper advanced to a new high of RMB 42,030/mt with strengthening of longs but dropped back at the tail of trading. The contract finally closed at RMB 41,600/mt. Positions increased 6,732 to 258,000 and trading volumes rose 402,000 to 825,000 lots. To sum up, SHFE 1701 copper hovered at highs on Wednesday. Trump won the US presidential election and impact of the news overshadowed data from countries.

SHFE 1701 copper is expected to remain firm on Wednesday’s night trading, or hit a new high again.