SHANGHAI, Jun. 16 (SMM) –The most active SHFE copper contract continued to swing by less than RMB 150/mt after opening last Friday’s night session at RMB 47,710/mt. Prices for the contract later encountered resistance at RMB 47,830/mt, and finished up RMB 210/mt at RMB 47,760/mt. During the night session, trading volumes for the most active contract fell to some 50,000 lots, and positions added by 2,548 lots.
On Monday, SHFE copper prices retreated after failing to rise above RMB 48,120/mt due to selling pressure and shorts taking profits, and ended up RMB 480/mt, or 1.01%, at RMB 48,030/mt. Trading volumes for the most active contract shrunk by 119,000 lots, and positions shed by 6,714 lots. Prices for the SHFE 1406 lead contract rallied by the daily trading limit to RMB 51,300/mt after starting at RMB 49,190/mt, and closed up RMB 1,590/mt at RMB 50,450/mt. Trading volumes for the SHFE front-month copper contract stood at 3,310 lots. The SHFE 1409 lead contract crept up to a high of RMB 47,780/mt after opening at RMB 47,440/mt, and ended up RMB 420/mt at RMB 47,740/mt. Positions for the contract expanded by 3,868 lots.