SHANGHAI, Oct. 9 (SMM) – The most active SHFE 1412 copper contract dipped to RMB 47,210/mt during Wednesday’s night session after starting at RMB 47,850/mt, and closed down RMB 580/mt at RMB 47,340/mt. Trading volumes for the most active contract surged to 250,000 lots, and positions added by 39,306 lots. Positions for the SHFE 1501 copper contract increased by 12,192 lots.
On Thursday, SHFE copper followed LME copper up to RMB 47,600/mt, and then advanced to RMB 47,900/mt before ending down RMB 140/mt, or 0.29%, at RMB 47,780/mt. Trading volumes for the SHFE 1412 copper contract gained by 306,000 lots, and positions rose by 27,250 lots. The price of the red metal has found temporary support at RMB 47,200/mt, and should trade in ranges for the near term.