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SHFE Copper Finishes with Losses (2017-2-24)
Feb 24, 2017 18:25Source:SMM
SHFE 1704 copper started at RMB 47,210/mt and closed at RMB 47,760/mt, down 810/mt or 1.67%.
SHANGHAI, Feb. 24 (SMM) – On Friday, SHFE 1704 copper started at RMB 47,210/mt and htne climbed to the moving average. The contract closed at RMB 47,760/mt, down 810/mt or 1.67%. Positions were down 17,326 to 201,000 and trading volumes were up 123,000 to 410,000 lots. Positions of all SHFE copper contracts fell 12,858 to 528,000 with trading volumes up 213,000 to 644,000 lots. SHFE 1704 copper staged technical correction on Friday after rapid decline on Thursday’s night trading.
SHFE 1704 copper will stabilize in a short term, or increase further with positions closing by shorts. Attention should be on US’s January new home sales and February Michigan consumer sentiment index on Friday night.
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