SHFE Copper Closes with Losses (2017-3-27)

SHANGHAI, Mar. 27 (SMM) – Republican Party canceled Trump’s medical reform last Friday. People’s Bank of China Governor Zhou Xiaochun indicated on Boao Forum for Asia that global economy recovery is zigzag and cannot rely on monetary policy. Monetary policy is at the tail of loose period, strengthening expectation over tight monetary policy.

On Monday, SHFE 1705 copper opened at RMB 46,780/mt and then dipped to RMB 46,200/mt quickly with positions opening by shorts. The contract later declined to RMB 46,050/mt and closed at RMB 46,260/mt, down RMB 750/mt. Positions increased 8,524 to 229,000 and trading volumes rose 72,234 to 331,000 lots. Positions of SHFE 1706 copper increased 7,226 to 106,000 and trading volumes rose 32,098 to 96,718 lots. Positions of all SHFE copper contracts rose 17,258 to 547,000 with trading volumes up 128,000 to 511,000 lots.

SHFE 1705 copper will test support at downside of Bollinger brand for the foreseeable future with negative technical indicators.