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SHEF Copper Ends with Gains (2017-4-5)
Apr 5, 2017 16:59Source:SMM
SHFE 1705 copper started lower at RMB 47,090/mt and closed at RMB 47,420/mt.
SHANGHAI, Apr. 5 (SMM) – On Wednesday, SHFE 1705 copper started lower at RMB 47,090/mt due to falling LME aluminum during Chinese Qingming Festival. The contract later advanced above the moving averages to RMB 47,650/mt with rising ferrous metals and declined after meeting resistance at the 60-day moving average. SHFE 1705 copper closed at RMB 47,420/mt. Positions reduced 5,054 to 189,000 and trading volumes fell 244,000 to 149,000 lots. Positions of SHFE 1706 copper increased 4,460 to 139,554. Positions of all SHFE copper contracts fell 920 to 526,598.
SHFE 1705 copper will stay firm and test resistance at the 60-day moving average in a short term with expectation over improving consumption in April and strike at Southern Copper Corporation.
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