SHFE Copper Looks Set to Trade in Ranges, Closing Up RMB 100/mt

SHANGHAI, Aug. 11 (SMM) – The most active SHFE 1410 copper contract started last Friday’s night session at RMB 49,750/mt, meeting resistance at the RMB 50,000/mt mark, and closed up RMB 60/mt at RMB 49,850/mt. During the night session, trading volumes for the most active contract fell slightly to around 90,000 lots, and positions gained by 3,654 lots.

On Monday, SHFE copper prices rose initially to an intraday high of RMB 50,120/mt, but then hovered largely around RMB 50,000/mt due to profit-taking. The price of the red metal fell at the tail of the trading to finish up RMB 100/mt, or 0.2%, at RMB 49,890/mt. Trading volumes for the SHFE 1410 copper contract shed by 75,350 lots, and positions contracted by 3,340 lots. SHFE copper prices are expected to trade in ranges for the near term.