SHFE Copper Closes with Gains (2017-1-24)

SHANGHAI, Jan. 24 (SMM) – SHFE 1703 copper opened at RMB 46,760/mt and then advanced above the 10-day moving average to RMB 47,210/mt thanks to falling US dollar index. The contract later dropped with exit of longs and found support at the 10-day moving average. SHFE 1703 copper rallied at the tail of trading and ended at RMB 47,070/mt. Positions fell 3,312 to 175,000 and trading volumes dropped 52,852 to 187,000 lots. SHFE 1703 copper swung on Tuesday and falling US dollar sent the contract up. But any rise was restricted by short-term operation.

SHFE 1703 copper will keep fluctuating at current level for the short term.