SHANGHAI, Nov. 16 (SMM) – SHFE 1601 copper started last Friday night session at RMB 36,490/mt and moved lower to RMB 36,180/mt, to close at RMB 36,340/mt, down RMB 140/mt or 0.38%. Positions were up 3,054 to 338,014 and trading volumes were around 195,000 lots.
SHFE copper moved higher to above RMB 3,6280/mt on Monday but later the red metal fell to RMB 35,960/mt due to news of Codelco slashing its 2016 premium to China to USD 98/mt, to end at RMB 36,030/mt, down by RMB 450/mt or 1.23%. Positions grew 1,608 to 537,316 lots with trading volumes down 200,000 lots.