SHANGHAI, Oct. 16 (SMM) – Dampened by a tumble in LME copper, the most active SHFE 1412 copper contract slid to RMB 47,570/mt during Wednesday’s night session after starting at RMB 47,920/mt. The price of the contract closed the night session down RMB 680/mt at RMB 47,620/mt. Trading volumes for the most active contract rose to some 280,000 lots, and positions added by 3,144 lots. Trading volumes for the SHFE 1501 copper contract totaled around 100,000 lots, and positions gained by nearly 20,000 lots.
On Thursday, SHFE copper advanced to only RMB 47,820/mt against a broad sell-off for back-month contracts, and fell subsequently to a low of RMB 47,370/mt before ending down RMB 870/mt, or 1.8%, at RMB 47,430/mt. Trading volumes for the SHFE 1412 copper contract expanded by 133,000 lots, and positions decreased by 13,154 lots. Trading volumes for the SHFE 1510 copper contract rose by 138,000 lots, and positions rose by 60,574 lots. Trading volumes and positions for the SHFE 1502 copper contract increased by 23,760 and 14,564 lots, respectively.