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SHFE Copper Ends with Losses (2017-3-10)
Mar 10, 2017 19:41Source:SMM
SHFE 1705 copper started at RMB 46,590/mt and closed at RMB 46,650/mt, down RMB 320/mt.
SHANGHAI, Mar. 10 (SMM) – On Friday, SHFE 1705 copper started at RMB 46,590/mt. China’s central bank withdrew a net RMB 110 billion for two weeks in a row. SHFE 1705 copper declined with rising positions and found support at RMB 46,470/mt. With falling US dollar index and strike at Cerro Verde copper mine, SHFE 1705 copper rallied and closed at RMB 46,650/mt, down RMB 320/mt. Positions were up 5,562 to 199,000 and trading volumes were down 24,208 to 207,000 lots. Positions of all SHFE copper contracts dropped 252 to 546,000 with trading volumes down 97,544 to 460,000 lots. SHFE 1705 copper dropped at first and then rallied on Friday.
The contract will staged technical rally with support at the 20-week moving average.
SHFE copper
LME copper
copper prices
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