SHFE Copper Rebounds RMB 290/mt, Finding Support at RMB 50,400/mt (Aug. 5, 2014)

SHANGHAI, Aug. 5 (SMM) – The most active SHFE 1410 copper contract hovered around RMB 50,600/mt after starting Monday’s night session at RMB 50,510/mt, swinging by less than RMB 150/mt. The price of the red metal met resistance at RMB 50,650/mt subsequently, and closed up RMB 300/mt at RMB 50,580/mt. During the night session, trading volumes for the most active contract rose slightly to 100,000 lots, and positions fell by 1,530 lots.

On Tuesday, SHFE copper prices found support at RMB 50,400/mt, and rebounded during the afternoon trading session to end up RMB 290/mt, or 0.58%, at RMB 50,570/mt. Trading volumes for the SHFE 1410 copper contract added by 1,146 lots, and positions rose by 432 lots.