SHFE Copper Closes with Losses (2017-3-9)

SHANGHAI, Mar. 9 (SMM) – On Thursday, SHFE 1705 copper opened at RMB 46,900/mt. China’s CPI dropped to 0.8% YoY in February, with the growth hitting the lowest from January 2015. SHFE 1705 copper declined to RMB 46,845/mt and then fluctuated at lows. BHP announced that the company will resume operation at Escondida copper mine in Chile if the strike exceeds 30 days. SHFE 1705 copper kept falling to RMB 46,480a/mt with positions opening by shorts and rallied slightly after finding support at downside of Bollinger brand. The contract finally closed at RMB 46,570/mt. Positions increased 10,386 to 194,000 and trading volumes rose 34,804 to 231,000 lots. Positions of all SHFE copper contracts were up 3,156 to 546,000 with trading volumes up 15,366 to 557,000 lots.

SHFE 1705 copper will remain falling momentum in a short term.