SHFE Copper Finishes with Big Gains (2017-8-21)

SHANGHAI, Aug. 21 (SMM) – On Monday, SHFE 1710 copper opened at RMB 50,970/mt and then fell to RMB 50,820/mt. Later, the contract rallied to RMB 51,910/mt and fell back to RMB 51,350/mt with longs taking profits. SHFE 1710 copper closed at RMB 51,650/mt, up RMB 740/mt. Positions increased 8,262 to 232,000 and trading volumes rose 144,000 to 404,000 lots. Positions of all SHFE copper contracts grew 8,766 to 715,000 and trading volumes were up 184,000 to 612,000 lots.

There is a possible decline of SHFE 1710 copper on Monday’s night trading, but the contract will remain in upward track in a short term.