SHFE Copper Closes up RMB 540/mt, Facing Resistance at 20-Day Moving Average (Oct. 14, 2014)

SHANGHAI, Oct. 14 (SMM) – The most active SHFE 1412 copper contract swung by less than RMB 300/mt during Monday’s night session after starting at RMB 47,860/mt, meeting resistance at the RMB 48,000/mt mark. The price of the contract closed the night session up RMB 290/mt at RMB 47,850/mt. Trading volumes for the SHFE 1412 copper contract fell fractionally to some 150,000 lots, but positions added by 5,576 lots.

On Tuesday, SHFE copper fell initially as low as RMB 47,770/mt, but rebounded during the afternoon trading session to RMB 48,220/mt before ending up RMB 540/mt, or 1.14%, at RMB 48,100/mt. Trading volumes for the most active contract shrank by 115,000 lots, and positions decreased by 7,010 lots.