SHFE Copper Ends down RMB 990/mt at RMB 46,300/mt on Strong Selling (Oct. 17, 2014)

SHANGHAI, Oct. 17 (SMM) – The most active SHFE 1412 copper contract hovered between RMB 46,830-47,210/mt during Thursday’s night session after starting at RMB 47,000/mt, and closed down RMB 540/mt at RMB 47,170/mt. Trading volumes for the most active contract surged to more than 300,000 lots, and positions shrank by 7,886 lots. Trading volumes for the SHFE 1501 copper contract spiked to some 200,000 lots, and positions gained by 30,896 lots.

On Friday, the SHFE 1412 copper contract initially advanced to RMB 47,360/mt, but dipped to 46,700/mt during the afternoon trading session before finishing down RMB 960/mt, or 2.01%, at RMB 46,300/mt. Trading volumes for the SHFE 1412 copper contract added by 38,348 lots, but positions contracted by 15,858 lots. Trading volumes for the SHFE 1501 copper contract expanded by 123,000 lots, and positions increased by 60,256 lots.