SHANGHAI, Jun. 18 (SMM) – The most active SHFE copper contract stabilized above the RMB 48,000/mt mark during Tuesday’s night session, aided by a rebound in LME copper prices, and finished up RMB 60/mt at RMB 48,200/mt. During the night session, trading volumes for the contract maintained at some 60,000 lots, and positions added by 1,756 lots.
On Wednesday, SHFE copper prices fell back to the RMB 48,000/mt mark after meeting resistance at RMB 48,420/mt, surrendering all early gains, and ended down RMB 10/mt, or 0.02%, at RMB 48,130/mt. Trading volumes for the most active contract shrank by 12,068 lots, and positions gained by 2,072 lots. Trading volumes for the SHFE 1409 copper contract increased by 3,242 lots, and positions expanded by 4,824 lots. SHFE copper prices encountered resistance at the 20-day moving average, but are expected to rebound for the foreseeable future due to positive technical indicators.