SHFE Copper Finishes Lower (2017-2-22)

SHANGHAI, Feb. 22 (SMM) – On Wednesday, SHFE 1704 copper started at RMB 49,040/mt and then declined with entering of shorts. Later, the contract dipped to RMB 48,640/mt, hurt by exit of longs, and fell below the 5 and 10-day moving average to RMB 48,500/mt. SHFE 1704 copper ended at RMB 48,660/mt, down RMB 390/mt. Positions fell 58,930 to 406,000 and trading volumes dropped 25,950 to 270,000 lots. Positions of all SHFE copper contracts were down 684 to 544,000 with trading volumes down 58,930 to 406,000 lots. SHFE 1704 copper dropped due to falling ferrous metal on Wednesday and positions dropped with longs and shorts taking profits.

Escondida copper mine announced not to replace striking workers in 30 days, allowing SHFE 1704 copper to hover at highs in a short term.