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SHFE Copper Closes with Losses (2017-5-16)

iconMay 16, 2017 17:50
SHFE 1707 copper opened at RMB 45,380/mt and closed at RMB 45,170/mt.

SHANGHAI, May 16 (SMM) – Positive impact on copper prices from the Belt and Road Forum for International Cooperation faded away with the ending of the Forum. On Tuesday, SHFE 1707 copper opened at RMB 45,380/mt and then dipped to RMB 45,030/mt, hurt by entering of shorts. The contract later rallied after finding support at the 5-day moving average due to short coverings. SHFE 1707 copper closed at RMB 45,170/mt. Positions increased 5,994 to 220,000 and trading volumes fell 8,846 to 196,000 lots. Positions of all SHFE copper contracts fell 6,906 to 595,000.

SHFE 1707 copper will fluctuate at previous range level, or surrendered all gains from the Forum.

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