SHANGHAI, Nov. 27 (SMM) – Rising LME copper helped SHFE 1402 copper contract open RMB 110/mt higher at RMB 50,810/mt on Tuesday. The most active contract moved sideways near yesterday’s settlement price as selling pressure eased somewhat, with the low-end price at RMB 50,610/mt. SHFE copper for February delivery followed LME copper up to RMB 50,960/mt in late trading hours before falling back again to close the day RMB 90/mt or 0.18% higher at RMB 50,790/mt. Trading volumes soared 11,008 lots, while positions tumbled 18,894 lots. The red metal will continue to consolidate due to growing market caution.
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