SHFE Copper Falls RMB 230/mt to RMB 47,050/mt (Oct. 27, 2014)

SHANGHAI, Oct. 27 (SMM) – The most active SHFE 1501 copper contract started last Friday’s night session at RMB 47,430/mt, meeting resistance at RMB 47,500/mt. The price of the red metal slipped to RMB 47,200/mt, and ended down RMB 30/mt at RMB 47,250/mt. During the night session, trading volumes for the most active contract totaled some 130,000 lots, and positions added by 3,090 lots.

SHFE copper dipped as low as RMB 46,980/mt, and finished down RMB 230/mt, or 0.49%, at RMB 47,050/mt. Trading volumes for the SHFE 1501 copper contract expanded by 25,408 lots, and positions increased by 28,886 lots.