SHANGHAI, Aug. 27 (SMM) – Copper for October delivery, the most active contract on the Shanghai Futures Exchange, started Tuesday’s night session at RMB 50,670/mt, and then dipped to RMB 50,460/mt. The price of the red metal rebounded subsequently to close down RMB 60/mt at RMB 50,560/mt. During the night session, trading volumes for the SHFE 1410 copper contract totaled more than 70,000 lots, and positions lost 2,210 lots.
On Wednesday, SHFE copper fell to as low as RMB 50,190/mt as a rising number of bulls headed for the exit, and finished down RMB 320/mt, or 0.63%, at RMB 50,300/mt. Trading volumes for the SHFE 1410 copper contract added by 39,372 lots, and positions decreased by 14,842 lots. The price of the red metal has fallen below RMB 50,500/mt, and is likely to pull back in the near term.