SHFE Copper Prices Up 2.06% (2016-11-21)

SHANGHAI, Nov. 21 (SMM) – Xi Jinping delivered speech on APEC held in Peru capital Lima on November 19. Xi encouraged enterprises to expand investments abroad and supported multilateral trading system in the meeting. Commodities increased with bullish outlook. SHFE 1701 copper opened Monday’s trading at RMB 43,850/mt and then advanced to RMB 45,410/mt, thanks to positions opening by longs. During the afternoon trading, SHFE 1701 copper dropped slightly, hurt by longs taking profits, and finally closed at RMB 45,120/mt, up RMB 940/mt or 2.06%. Positions increased 9,318 to 238,000 and trading volumes rose 124,000 to 536,000 lots. Most commodities rallied from lows on Monday and SHFE 1701 copper increased sharply.

SHFE 1701 copper is expected to remain firm in Monday’s night trading.