SHANGHAI, Jun. 17 (SMM) – LME copper prices overnight failed to stage a rebound seen in other base metals prices. In response, the most active SHFE 1408 copper contract swung by less than RMB 100/mt during Monday’s night session, hovering mostly around the RMB 48,000/mt mark, and ended up RMB 130/mt at RMB 48,060/mt. During the night session, trading volumes for the most active contract continued to stand around 60,000 lots, and positions increased by 1,598 lots.
On Tuesday, SHFE copper prices fluctuated narrowly around RMB 48,200/mt after confronting resistance at RMB 48,250/mt, and closed up RMB 260/mt, or 0.54%, at RMB 48,190/mt. Trading volumes for the most active contract shed by 36,020 lots, and positions shrunk by 1,490 lots. SHFE copper prices are bouncing back, but whether the rebound is sustainable remains uncertain.