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Home / Metal News / SHFE Copper Finishes with Losses (2016-12-26)

SHFE Copper Finishes with Losses (2016-12-26)

Dec 26, 2016 19:45

Source:SMM

SHFE 1702 copper opened at RMB 44,660/mt and finally closed at RMB 44,070/mt, down RMB 730/mt.

SHANGHAI, Dec. 26 (SMM) – On Monday, People’s Bank of China withdrew net RMB 70 billion. All assets dropped after opening due to end-year financial strain, PBOC’s net withdrawal and financial de-leveraging. SHFE 1702 copper opened at RMB 44,660/mt and then dipped sharply with exit of longs. Later, the contract fell to RMB 43,380/mt and rallied. SHFE 1702 copper met resistance at the moving average and finally closed at RMB 44,070/mt, down RMB 730/mt. Positions fell 17,842 to 182,000 and trading volumes rose 13,022 to 249,000 lots. Positions of all SHFE copper contracts were up 3,944 to 513,000 with trading volumes up 74,392 to 493,000 lots. SHFE 1702 copper dropped on Monday.

SHFE 1702 copper will move between RMB 43,500-44,200/mt on Monday’s night trading with resistance at the moving average.

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