SHFE Copper Ends with Gains (2016-12-5)

Published: Dec 5, 2016 19:36

Save

SHFE 1702 copper opened at RMB 46,650/mt and finally closed at RMB 47,360/mt, up RMB 710/mt.

SHANGHAI, Dec. 5 (SMM) – On Monday, Shanghai Interbank Offered Rate (Shibor) was 2.3080%, down 1.20 basis points and 7-day Shibor was 2.4970%, down 0.40 basis point. Capital liquidity eased slightly. SHFE 1702 copper opened at RMB 46,650/mt and then declined to RMB 46,270/mt, hurt by positions opening by shorts. Later, the contract broke through the 5 and 10-day moving averages to RMB 47,630/mt with longs strengthening. SHFE 1702 copper dropped at the tail of trading due to longs taking profits and finally closed at RMB 47,360/mt, up RMB 710/mt. Positions increased 21,262 to 252,000 and trading volumes rose 33,918 to 364,000 lots. Positions of all SHFE copper contracts were up 23,248 to 547,682 with trading volumes up 15,482 to 548,000 lots. SHFE 1702 copper rallied on Monday as capital eased.

SHFE 1702 copper is predicted to keep rising for the short term. Attention should be on US’s employment condition in November and ISM nonmanufacturing PMI on Monday’s night.

SHFE copper LME copper copper prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

12 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

12 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

12 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

12 hours ago