Poor Chinese Data Impose Ceiling on Increase in SHFE Copper Price (Oct. 14, 2015)

SHANGHAI, Oct. 15 (SMM) – SHFE 1412 copper contact prices gapped higher during night session Tuesday aided by rising LME copper, and kept climbing before meeting resistance at RMB 48,500/mt. The December-delivery copper finally closed the session up RMB 520/mt at RMB 48,420/mt with a session low of RMB 48,120/mt. Trading volumes of the most active contract rose to 210,000 lots, and positions increased 8,336 lots during the night session.

On October 15, worse-than-expected Chinese data drove the most active SHFE copper contract down to RMB 48,300/mt during day trading, with the contract for December delivery ending at RMB 48,330/mt, up RMB 430/mt, or 0.9%. Trading volumes of SHFE 1412 copper contract rose by 20,250 lots, while holdings increased 894 lots. Positions in SHFE 1510 copper contract soared by 11,486 lots. Investors were cautious as they saw limited room for prices to rise further.