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SHFE Copper Finishes with Gains (2017-3-20)

iconMar 20, 2017 17:36
Source:SMM
SHFE 1705 copper opened at RMB 48,080/mt and closed at RMB 47,980/mt, up RMB/mt.

SHANGHAI, Mar. 20 (SMM) – On Monday, SHFE 1705 copper opened at RMB 48,080/mt and climbed to RMB 48,280/mt thanks to positions opening by longs. Escondida copper mine accepted labor union’s condition. SHFE 1705 copper thus dipped, down as low as RMB 47,840/mt, hurt by positions opening by shorts. The contract later fluctuated at around RMB 47,940/mt and closed at RMB 47,980/mt, up RMB/mt. Positions rose 1,850 to 219,000 and trading volumes increased 8,000 to 228,000 lots. Positions of all SHFE copper contracts were up 1,888 to 519,000 with trading volumes up 26,030 to 340,000 lots. 
SHFE 1705 copper will be hard to break through mid Bollinger brand in a short term without positive news.
 

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