SHFE Copper Finishes with Gains (2016-11-24)

SHANGHAI, Nov. 24 (SMM) – On Thursday, Chinese yuan remained downward track and dropped to record low of 6.9650 at 9:15. Commodities increased across the board. SHFE 1701 copper opened at RMB 45,560/mt and broke through its daily upward limit of RMB 48,560/mt quickly with exit of shorts. The contract later hovered at highs and finally closed at RMB 48,210/mt. Positions were down 22,730 to 199,000 and trading volumes were up 307,000 to 622,000 lots. Positions of all SHFE copper contracts increased 586 to 555,764 with trading volumes up 519,000 to 1.03 million lots. Positions of SHFE 1702 copper rose 13,748 to 195,644. SHFE 1701 copper broke through previous highest level with strong rising strength on Thursday.

SHFE 1701 copper will be sensitive to rise with falling Chinese yuan and expectation of inflation in US after Trump coming into power.