SHFE Copper Closes Lower (2017-5-24)

Published: May 24, 2017 17:06

Save

SHFE 1707 copper opened at RMB 46,040/mt and ended at RMB 45,780/tm, down RMB 170/mt.

SHANGHAI, May 24 (SMM) – On Wednesday, SHFE 1707 copper opened at RMB 46,040/mt and then declined to RMB 45,750/mt, hurt by long selling. During the afternoon trading, the contract dived to the 20-day moving average briefly, down as low as RMB 45,510/mt. SHFE 1707 zinc later rallied to RMB 45,770/mt thanks to short covering at lows and ended at RMB 45,780/tm, down RMB 170/mt. Trading volumes increased 32,000 lots to 231,000 lots and positions reduced 4,314 to 202,000. Trading volumes of all SHFE copper increased 76,000 to 409,000 lots and positions rose 13,000 to 582,000. Moody's Investors Service has today downgraded China's long-term local currency and foreign currency issuer ratings to A1 from Aa3, weighing down Chinese yuan. Crude oil outperformed commodities and stabilized above USD 51/bbl after oil producing countries announced to extend oil output cut for another 9 months, shoring up base metals.

SHFE 1707 copper will keep fluctuating at around RMB 45,700/mt on Wednesday’s night trading.

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

13 hours ago

Tender Notice for Projects Including Safe and Energy-Efficient Copper Conductor Rails

13 hours ago

14 hours ago

The Most-Traded BC Copper Contract Closed Down 1.16%, Inflation Concerns Suppressed Expectations for Interest Rate Cuts [SMM BC Copper Commentary]

14 hours ago

15 hours ago

SHFE Copper Broke Below the 100,000 Mark Again, and Downstream Purchase Sentiment Cooled

Intraday, the SHFE copper 2603 contract fell below the 100,000-yuan mark for the second time after trading began. According to SMM, spot market activity today pulled back from March 9, when the contract first fell below 100,000 yuan, with overall trading sentiment remaining subdued on both buying and selling sides. On March 16, 2026, SMM's sentiment index for procurement in the Shanghai spot market was 2.53, while the sales sentiment index was 2.63, both down 0.29 from March 9. Historical data is available in the database. According to SMM, when copper prices fell below 100,000 yuan on March 9, some enterprises had restocking demand, which briefly boosted spot trade and brought it to a post-Chinese New Year trading high. But based on market feedback today, the contract rollover in futures may have had an impact. With copper prices again trading below the 100,000-yuan threshold, downstream enterprises showed signs of weaker acceptance.

15 hours ago