SMM Brief on SHFE Copper Prices on May 28

SHANGHAI, May 28 (SMM) – The most active SHFE copper contract for September delivery started RMB 430/mt higher at RMB 55,550/mt Monday. After the opening, as LME copper rallied above USD 7,700/mt after the US dollar fell below 82, the contract moved higher amid position closings. In the afternoon session, Chinese stock markets increased from the lows, which helped the contract break the resistance at RMB 56,000/mt before climbing to a high at RMB 56,260/mt. Finally, SHFE 1209 copper contract ended RMB 1,090/mt or 1.98% higher at RMB 56,210/mt, with trading volumes and positions decreasing by 16,698 lots and 18,898 lots, respectively. Positions for all SHFE copper contracts fell by around 30,000 lots. Both longs and shorts mainly conducted intraday operations as risks increased at the month-end.