SHFE Copper Finishes with Losses (2017-1-17)

SHANGHAI, Jan. 17 (SMM) – On Tuesday, SHFE 1703 copper started at RMB 47,650/mt and then dropped below the 10-day moving average to RMB 46,540/mt with exit of longs. The contract later rallied to RMB 46,765/mt and stabilized at lows at the tail of trading. SHFE 1703 copper finally closed at RMB 46,780/mt, down RMB 1,120/mt or 2.34%. Positions fell 17,942 to 205,000 and trading volumes dropped 51,422 to 304,000 lots. Positions of all SHFE copper contracts were down 29,858 to 471,000 with trading volumes down 44,050 to 426,000 lots.

SHFE 1703 copper will test support at the 5 and 40-day moving averages on Tuesday’s night trading due to market players taking profits with nearing of 2017 Chinese New Year holiday.