SHANGHAI, Jul. 14 (SMM) – The most active SHFE 1409 copper contract started last Friday’s night session at RMB 50,810/mt, and then fell to RMB 50,560/mt. The contract later rebounded sharply to the RMB 51,000/mt mark, and closed up RMB 210/mt at RMB 50,970/mt. During the night session, trading volumes for the most active contract held steady at 210,000 lots, and positions gained by 6,920 lots.
On Monday, SHFE copper prices hovered largely around the RMB 51,000/mt mark, touching a high of RMB 51,100/mt, and dropped slightly to RMB 50,900/mt during the afternoon trading session. The red metal surrendered early gains at the tail of the trading to sank to a trough of RMB 50,650/mt, and finished down RMB 100/mt, or 0.2%, at RMB 50,670/mt. Trading volumes for the SHFE 1409 copper contract added by 65,018 lots, and positions expanded by 3,348 lots. Prices for the SHFE back-month copper contracts are faced with increasing downside risks with negative technical indicators, lackluster physical market, as well as selling pressures.