SHFE Copper Rises above 5-Day Moving Average, Closing up RMB 260/mt (Oct. 13, 2014)

SHANGHAI, Oct. 13 (SMM) – The most active SHFE 1412 copper contract dipped to RMB 46,950/mt during last Friday’s night session after starting at RMB 47,140/mt. The price of the contract rebounded subsequently to close up RMB 220/mt at RMB 47,810/mt. During the night session, trading volumes for the SHFE 1412 copper contract rose to some 260,000 lots, but positions fell by 23,908 lots. Positions for the SHFE 1501 copper contract added by 12,246 lots.

On Monday, SHFE copper initially tested resistance at the RMB 48,000/mt mark after China’s trade data beat forecasts, but fell to RMB 47,850/mt afterwards to end up RMB 260/mt, or 0.55%, at RMB 47,850/mt. Trading volumes for the SHFE 1412 copper contract decreased by 20,572 lots, and positions dropped by 41,542 lots.