SHANGHAI, Oct. 21 (SMM) – The most active SHFE 1412 copper contract continued to test support at RMB 46,450/mt during Monday’s night session, and closed down RMB 40/mt at RMB 46,720/mt. During the night session, trading volumes for the most active contract hovered steadily around 110,000 lots, and positions gained by 418 lots.
SHFE copper fluctuated largely around RMB 46,800/mt during the morning trading session, meeting resistance at RMB 46,950/mt, despite better-than-expected Chinese economic indicators. The price of the red metal sank to RMB 46,600/mt subsequently, and ended down RMB 230/mt, or 0.49%, at RMB 46,530/mt. Trading volumes for the SHFE 1412 copper contract added by 14,816 lots, and positions expanded by 19,274 lots.