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International Copper Prices Dropped Speculators To Reduce Long-term Suppress
Dec 28, 2017

International copper prices fell on Thursday (December 1) as doubts about the sustainability of the post-election rally after speculation began that speculators began to reduce their positions. Data for the three-month copper contract ended 0.6% lower at 5,791 U.S. dollars a tonne, not far from a one-week low reached the previous trading day。However, copper futures in Shanghai rose nearly 2%, benefiting from a rebound in oil prices and follow-up speculation after China announced a modest expansion of its factory activities in November with signs of an increase in inflationary pressures. The main copper futures on the Shanghai Futures Exchange rose to 47,570 yuan ($ 6,900) a tonne, down 3.6% on Wednesday. David Wilson, a strategist at Citigroup, said: "China's economic growth is basically better than many expected, but China's massive speculative buying may start to weaken and will hit prices. Copper prices at $ 5,000-5,500 are a reasonable range, It seems a bit too high now。Copper hit the highest of $ 6,045.50 on Monday, the highest level since June last year. Copper prices rose 20% in November, the largest monthly increase since April 2006, helped by expectations that U.S. President-elect Trump may implement a large-scale fiscal stimulus package to boost inflation. Futures ended 0.9% higher at $ 2,728 a tonne, while lead plunged 2.2% to $ 2,314. Stainless Steel Sand Blast CNC Turning Product Manufacturer Both metals retreated from the multi-year high touched earlier this week. According to the China Shanghai Futures Exchange, the maximum number of open positions traded by non-futures company members or customers since the ZN1701 contract and ZN1702 contract days since the Wednesday night trading session were respectively 1,500 contracts and opened within the lead PB1701 and PB1702 contracts The maximum number of transactions were 1,000 lots. The move aims to curb the speculative operation of the two metals.


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