SHANGHAI, Sept. 13 (SMM) – The most traded copper contract on the Shanghai Futures Exchange (SHFE) opened RMB 160/mt lower at RMB 51,880/mt on Thursday, weighed down by falling LME copper prices overnight. The most active contract encountered strong resistance at the 5-day and 30-day moving averages after opening and dropped to RMB 51,700/mt as short sellers increased positions. The Shanghai Composite Index climbed by almost 1% in the afternoon session, but this failed to offer upward momentum to the red metal. December copper on the SHFE slid further to RMB 51,380/mt at the tail of the session, closing at RMB 53,410/mt, down RMB 630/mt or 1.21%. Trading volumes and positions were up 31,224 lots and 8,854 lots, respectively.
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