SHFE Copper Ends with Gains (2017-2-7)

SHANGHAI, Feb. 7 (SMM) – On Tuesday, SHFE 1703 copper started at RMB 46,830/mt and then stabilized above the moving average. During the afternoon trading, SHFE 1703 copper declined to RMB 46,730/mt and then rallied to RMB 47,060/mt thanks to entering of longs. The contract rolled back at the tail of trading with longs taking profits and finally closed at RMB 46,850/mt, up RMB 250/mt. Trading volumes dropped 15,896 to 129,254 lots and positions fell 818 to 149,890. Positions of all SHFE copper contracts were up 3,404 to 458,328 with trading volumes down 40,524 to 231,016 lots. Positions of SFHE 1704 copper increased 5,742 to 142,738. SHFE 1703 copper ranged between the 5 and 20-day moving averages on Tuesday and advanced with long investors’ short-term operation.

SHFE 1703 copper will keep fluctuating at current range on Tuesday’s night trading.