SHANGHAI, Oct. 12 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 190/mt higher at RMB 51,600/mt on Friday, shored up by LME copper reversing losses overnight. This was followed by failed attempts to break through RMB 51,890/mt, with the most active SHFE copper contract price falling back to RMB 51,500/mt towards mid-day due to selloff at highs and investors taking profits. In the afternoon trading session, the Shanghai Composite Index rebounded by 1.7%, driving the red metal up, but resistance at the daily moving average remained strong. Finally, SHFE 1401 copper contract ended the day RMB 240/mt or 0.47% higher at RMB 51,650/mt. Trading volumes grew by 6,786 lots, but positions dropped by 678 lots. SHFE copper for January delivery showed a tendency to trend up.
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