SHANGHAI, May 13 (SMM) – SHFE 1507 copper contract prices opened Tuesday’s night trading RMB 300/mt higher at RMB 46,070/mt, but then retreated to RMB 45,900/mt after hitting RMB 46,140/mt. The July-delivery copper finished the session at RMB 45,990/mt, up RMB 250/mt.
The most active SHFE copper contract stayed in a narrow range in most of Wednesday’s daytime trading, but rallied to RMB 46,390/mt at the tail of the session and finished up RMB 520/mt at RMB 46,260/mt. Trading volumes grew 52,876 lots, and positions increased 5,822. The July-delivery copper has found stronger support after climbing above the 5-day moving average.