SHFE Copper Finishes Higher (2016-11-28)

SHANGHAI, Nov. 28 (SMM) – On Monday, US dollar index dropped to 100.64 because US Presidential Election recount will take place in Wisconsin. SHFE 1701 copper opened at RMB 48,340/mt and the advanced to RMB 48,940/mt. The contract later dropped to the moving average with longs taking profits and rallied after finding support before fluctuating at around RMB 48,500/mt. During the afternoon trading, SHFE 1701 copper climbed to RMB 49,300/mt, thanks to entering of longs, up to as high as RMB 49,660/mt, and finally closed at RMB 49,380/mt. Positions fell 49,380 to 178,000 and trading volumes reduced 50,078 424,000 lots. Positions of all SHFE copper contracts rose 46,380 to 596,000 with trading volumes up 53,044 to 861,000 lots. SHFE 1702 copper touched the daily highest level at RMB 49,840/mt on Monday, with positions up 34,596 to 230,000 and trading volumes up 75,838 to 272,000 lots. The price gap between SHFE 1701 and 1702 copper was RMB 200/mt.

SHFE 1701 copper is expected to test RMB 50,000/mt for the short term.