SHANGHAI, Oct. 26 (SMM) –The most active SHFE 1201 copper contract prices fluctuated around RMB 56,000/mt after a high open Tuesday, fluctuating at high levels. SHFE 1201 copper contract prices fell slightly from the upper trading limit in the afternoon session, and finally closed 6% higher at RMB 56,710/mt. Positions for SHFE 1201 copper contracts were down 31,762 lots to 210,154 lots.
China's General Administration of Customs Monday announced China's refined copper imports were 275,499 mt in September, Up 17.1% MoM and 13.9% YoY, and the highest level since May 2010.
Copper inventories monitored by the Shanghai Futures Exchange were 87,726 mt last week, down significantly 11,935 mt or 11.98%, suggesting robust copper demand in China. However, against the backdrop of instabilities in global macro-economy and a lack of a fundamental solution to the European debt crisis, price consolidation will take some time.