SHFE Copper Ends with Gains (2017-2-13)

SHANGHAI, Feb. 13 (SMM) – More than 300 of masked men intruded into mines in Chile to destroy mines and compel workers to stop working on February 11. SHFE 1704 copper started at RMB 49,610/mt and broke through RMB 50,000/mt with positions opening by longs. The contract later fluctuated at around RMB 50,250/mt, up to as high as RMB 50,620/mt. During the afternoon trading, SHFE 1704 copper declined to RMB 50,050/mt and closed at RMB 50,120/mt, up RMB 2,550/mt or 5.36%. Positions increased 67,870 to 246,000 and trading volumes rose 403,000 to 616,000 lots. Positions of all SHFE copper contracts increased 86,460 to 597,682. SHFE 1704 copper outperformed commodities and SHFE 1702 copper advanced to its daily rising limit.

SHFE 1704 copper will remain rising momentum for the foreseeable future.