SHFE Copper Strengthens (2017-5-10)

Published: May 10, 2017 17:08

Save

SHFE 1707 copper opened at RMB 44,990/mt and closed at RMB 44,860/mt, up RMB 160/mt.

SHANGHAI, May 10 (SMM) – On Wednesday, SHFE 1707 copper opened at RMB 44,990/mt and then fluctuated at around RMB 44,937/mt. During the afternoon trading, SHFE 1707 copper declined slightly to RMB 44,730/mt and tried to rally at the tail of trading, but dropped after meeting resistance at the 5-day moving average. The contract closed at RMB 44,860/mt, up RMB 160/mt. Positions increased 2,090 to 197,000 and trading volumes rose 4,788 to 184,000 lots. Positions of all SHFE copper contracts reduced 4,304 to 597,612. China’s CPI dropped 1.2% YoY in April and PPI saw the first decline in 10 months on a monthly basis. Moreover, rising Shanghai Interbank Offered Rate (Shibor) kept tightening liquidity, raising market bearish sentiment.

Attention should be on support at lows.

SHFE copper LME copper copper prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Feb 6, 2026 23:56

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

Feb 6, 2026 23:56

Feb 6, 2026 23:54

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

Feb 6, 2026 23:54

Feb 6, 2026 23:47

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

Feb 6, 2026 23:47