SHFE Copper Closes Down RMB 210/mt on Negative Technical Indicators (Aug. 4, 2014)

Aug 4, 2014 17:15

The most active SHFE 1410 copper contract started last Friday’s night session at RMB 50,410/mt, meeting resistance at RMB 50,500/mt, and closed down RMB 180/mt at RMB 50,250/mt.

SHANGHAI, Aug. 4 (SMM) – The most active SHFE 1410 copper contract started last Friday’s night session at RMB 50,410/mt, meeting resistance at RMB 50,500/mt, and closed down RMB 180/mt at RMB 50,250/mt. During the night session, trading volumes for the most active contract were around 70,000 lots, and positions were up by 2,836 lots.

On Monday, SHFE copper prices followed LME copper prices down to RMB 50,070/mt, but recouped some losses at the tail of the trading to end down RMB 210/mt, or 0.42%, at RMB 50,220/mt. Trading volumes for the SHFE 1410 copper contract gained by 24,256 lots, and positions added by 6,194 lots.

SHFE copper prices

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SHFE Copper Closes Down RMB 210/mt on Negative Technical Indicators (Aug. 4, 2014)

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