SHFE Copper to Move Lower (2016-12-19)

SHANGHAI, Dec. 19 (SMM) – On Monday, SHFE 1702 copper started at RMB 46,040/mt and then fluctuated at around RMB 46,010/mt. Later, the contract rallied to RMB 46,170/mt. During the afternoon trading, SHFE 1702 copper dropped with positions opening by shorts and dipped to RMB 45,580/mt at the tail of trading, hurt by exit of longs. The contract finally ended at RMB 45,630/mt, down RMB 1,010/mt. Positions fell 1,744 to 215,100 and trading volumes increased 10,998 to 244,460 lots. Middle rate of Chinese yuan increased 196 basis points to 6.9312 on Monday. The Shanghai Interbank Offered Rate (Shibor) increased for five days in a row, resulting in tighter capital supply.

SHFE 1702 copper is predicted to move at RMB 45,200-46,100/mt on Monday’s night trading.