SHFE Copper Closes Lower (2016-12-16)

SHANGHAI, Dec. 16 (SMM) – On Friday, SHFE 1702 copper opened at RMB 46,880/mt and then dipped to RMB 46,680/mt briefly. The contract later rallied to RMB 47,060/mt with entering of longs and short recovering, but stopped rising at the 20-day moving average. SHFE 1702 aopper dived with exit of longs and finally closed at RMB 46,460/mt. Positions reduced 7,028 to 217,000 and trading volumes fell 36,340 to 233,000 lots.

SHFE 1702 aluminum will keep swinging between RMB 46,200-47,200/mt for the short term.